Shell to drill for oil and gas off Nova Scotia

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Friday, January 20, 2012 at 05:35PM

Shell Canada has secured offshore exploration rights in Nova Scotia and will spend almost $1 billion over the next six years exploring oil and gas deposits in four deep-water sites off the southwestern coast. It is the highest bid ever awarded for exploration rights in Atlantic Canada.

The drilling, approved by the Canada-Nova Scotia Offshore Petroleum Board, will take place in water at depths ranging from 1,400 to 3,700 metres. The bid requires approval from the federal and provincial governments as well, but the premier of Nova Scotia, Darrell Dexter, has backed the plan. The drilling is expected to create jobs and generate hundreds of millions of dollars in investment in the province.

The exploration licences will take effect on March 1, approvals being given.

* SPECIAL OIL & GAS |

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