Saturday, April 25th6.9°C
25936

Quebec government announces plan to explore Anticosti Island oil reserves

MONTREAL - The Quebec government is going ahead with plans to exploit the oil resources of Anticosti Island, estimated at 46 million barrels.

Premier Pauline Marois announced deals with the firms Petrolia, Corridor Resources, Junex, and Maurel & Prom to carry out two exploration programs in two phases.

The government will invest a total of $115 million in the projects.

The news comes as speculation swirls around a possible provincial election in which opposition parties have said they will target the lacklustre economic record of Marois' minority government.

The accord with Petrolia (TSXV:PEA), Corridor Resources Inc. (TSX:CDH), and Maurel & Prom will see them invest $100 million. Quebec will kick in $56 million via Ressources Quebec, which will provide an additional $13.3 million to Corridor Resources for additional participation.

Under that deal, Ressources Quebec will have a 35 per cent share in the joint venture to carry out the exploration.

The agreement with Junex (TSXV:JNX) will see it, Ressources Quebec and a so far undetermined participant in a $90-million joint venture.

The provincial government estimates there will be $45 million in economic benefits during the next 30 years if the project is a success.

The first phase of exploration and exploitation under the agreements will begin this year and next year.

Quebec says the deals will allow it to control 50 per cent of the licences on Anticosti and obtain 60 per cent of the benefits from the petroleum exploitation.

"Today, Quebec is asserting its rights over the natural resources that belong to it," Marois told a news conference Thursday.

Environmental hearings on the exploitation will be carried out if exploration shows the projects would be profitable.

Although the announcement was made after the end of trading on the Toronto Stock Exchange, trading on Junex, Petrolia and Corridor Resources was temporarily halted.

The Canadian Press


Read more Business News

25866


Recent Trending




Today's Market
S&P TSX15408.33+15.98
S&P CDNX697.70-1.78
DJIA18080.14+21.45
Nasdaq5092.08+36.02
S&P 5002117.69+4.76
CDN Dollar0.8210+0.0002
Gold1175.20-17.60
Oil55.50-0.88
Lumber258.50+3.90
Natural Gas2.531+0.002

 
Okanagan Companies
Pacific Safety0.12-0.01
Knighthawk0.010.00
QHR Technologies Inc1.38+0.00
Cantex0.035+0.005
Anavex Life Sciences0.43+0.01
Metalex Ventures0.095+0.000
Russel Metals27.16+0.41
Copper Mountain Mining1.15+0.06
Colorado Resources0.095+0.000
ReliaBrand Inc0.004-0.001
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.20+0.00
Decisive Dividend Corporation1.80+0.10

 





FEATURED Property
1538771515 Beaver Lake Road
3 bedrooms 2 baths
$151,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


What's your score?

There was a time when we would sit down with nothing more than a sheet of paper and a sharp pencil to do the math. Totalling our expenses and subtracting our revenue, the amount left over was the answ...


Do you dare to dream?

Photo: Thinkstock.comI have never been able to understand why some people can only see as far ahead as the end of the current day. Instead of aiming for long term goals, they just wallow in their ever...


Calling on your help!

Has the internet flattened prices as predicted? Has the internet created opportunities for your business to find higher priced markets further afield? Is posting prices on your website a good thing o...

_





26069


Member of BC Press Council


25692