Nova Scotia spending $12M to encourage offshore oil and gas exploration
Province said research will provide geological map of Nova Scotia's offshore potential
HALIFAX—The Nova Scotia government will spend $12 million over four years to fund research to assist oil and gas exploration off the province’s coastline.
The government says the research will provide a geological map of Nova Scotia’s offshore potential to the oil and gas industry.
BP Canada president Stephen Willis says a previous analysis provided by the province was behind its decision to bid on leases in 2012.
The government is also crediting the Project Fairway Analysis program with playing a role in persuading BP Canada and Shell Canada to launch major exploration projects.
The announcement comes days after the Canada-Nova Scotia Offshore Petroleum Board announced it’s seeking new bids to explore parcels of its offshore territory.
The deadline for those bids is October 30th.