Thursday, May 28th11.1°C
26412

Quebec OKs initial surveys on Anticosti Island to see if it's worth exploring

QUEBEC - The Quebec government has given the green light to go ahead with environmental assessments to see if it is possible to explore for oil on Anticosti Island.

Natural Resources Minister Pierre Arcand said Friday about 15 surveys will be conducted on the island's soil this summer.

More extensive work, including the drilling of three wells, will be done in the summer of 2015 if the results of a strategic environmental assessment on Anticosti Island are favourable.

The activity is in conformity with a deal struck by the previous Parti Quebecois government with exploration companies Petrolia (TSX:PEA) and Corridor Resources Inc. (TSX:CDH).

Arcand also announced a strategic assessment will be carried out on hydrocarbons, including shale gas.

The aim is to examine the oil and gas potential for Quebec and determine the best ways to tap the resource.

Arcand said oil will continue to play a major role in the Quebec economy for decades to come.

"You understand that with it accounting for more than 50 per cent of our total energy consumption, it is impossible to go without hydrocarbons in the coming decades," Arcand said.

He said the PQ had insisted the Anticosti project could be worth billions in revenue for the province and he feels the studies are necessary to determine if that's true.

Arcand also said Quebec wants to accelerate talks with the federal government to set the rules on the possible exploitation of the Old Harry oil and gas deposit in the Gulf of St. Lawrence.

The provincial government will also work with the National Energy Board on the TransCanada Energy East pipeline project.

The PQ was less impressed with the government's efforts and accused the Liberals of trying to resurrect the shale-gas industry.

The Canadian Press


Read more Business News

25985


Recent Trending




Today's Market
S&P TSX15110.47+59.66
S&P CDNX690.62-1.34
DJIA18162.99+121.45
Nasdaq5106.59+73.84
S&P 5002123.48+19.28
CDN Dollar0.8008-0.0021
Gold1187.40-16.90
Oil58.53+0.30
Lumber274.00-0.40
Natural Gas2.81-0.01

 
Okanagan Companies
Pacific Safety0.13-0.01
Knighthawk0.010.00
QHR Technologies Inc1.50-0.01
Cantex0.03-0.01
Anavex Life Sciences0.42-0.01
Metalex Ventures0.08-0.01
Russel Metals25.51+0.30
Copper Mountain Mining1.28+0.00
Colorado Resources0.11+0.01
ReliaBrand Inc0.0139+0.0059
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.155+0.005
Decisive Dividend Corporation2.10+0.16

 



24910

FEATURED Property
2172064924 Laurier Avenue
4 bedrooms 3 baths
$619,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...

_



26363

25217


Member of BC Press Council


24875