Monday, January 23, 2012

Shell to spend $1 billion in Nova Scotia

Shell has planned to spend around C$1 billion on deepwater oil exploration off the coast of Nova Scotia. Shell bid C$970 million for four offshore parcels more than 125 miles from Nova Scotia's coast. It's the largest amount ever spent on offshore drilling rights on Canada's east coast, and represents a gamble on an underexplored deepwater frontier for Shell.

"This particular area where the four licenses have been awarded is an underexplored area ... there hasn't been any drilling on those four parcels and there's limited data available," said Stuart Pinks, chief executive of the Canada-Nova Scotia Offshore Petroleum Board, which awarded the licenses.

The Nova Scotia government recently estimated that its offshore region potentially contains 120 trillion cubic feet of gas and 8 billion barrels of oil.

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