Oil and gas firm Junex partners with Quebec on $14M exploration project
Fresh drilling on the Gaspé Peninsula is expected to begin shortly and follows a setback for the oil and gas industry on Anticosti Island
QURBEC CITY—A week after the Quebec government halted all oil and gas exploration on scenic Anticosti Island at the mouth of the St. Lawrence River, the province is partnering with junior oil and gas firm Junex Inc. on a nearby exploration project on the mainland.
Ressources Québec and Junex announced the new partnership late last week, saying they will invest $14 million to launch an exploration campaign at the Quebec City-based company’s properties on the Gaspé Peninsula. The subsidiary of government investment agency Investissement Quebec will contribute $8.4 million to the project and acquire a 17 per cent stake in the Junex properties, which are known as the Galt Oil Project.
“We are pleased with this new partnership which will allow us to take a crucial step towards developing an initial oil and natural gas deposit in Québec,” Jean-Yves Lavoie, Junex’s president and CEO, said in a statement.
The new project comes a week after Quebec halted controversial oil and gas exploration on Anticosti Island. Citing the need to protect the island’s environment, the government paid out tens of millions to a number of companies, including Junex, which had invested in developing the island’s oil and gas reserves.
Junex said the new drilling on the Gaspé Peninsula will begin in the coming weeks.