Market Overview

Ministers Oliver and MacKay Welcome Significant Investment in Jobs and Economic Growth in Nova Scotia

OTTAWA, ONTARIO--(Marketwire - Nov. 16, 2012) - The Honourable Joe Oliver, Canada's Minister of Natural Resources, and the Honourable Peter MacKay, Minister of National Defence and Regional Minister for Nova Scotia, today welcomed news of a major new commitment to Canada's offshore energy resources. The independent Canada-Nova Scotia Offshore Petroleum Board (CNSOPB) today announced Shell Canada Limited and BP Exploration Operating Company Limited as the winning bidders for eight parcels of land off the Nova Scotia coast, resulting in a total bid of over $1 billion for offshore exploration activities.

"Our government is once again delivering on its commitment to supporting jobs and economic growth across Canada," said Minister Oliver. "Our government supports the safe and responsible development of our natural resources. Canada's offshore regulatory system is among the strongest in the world and has an excellent safety record."

"Today's announcement demonstrates that Nova Scotia is a great destination for investment in resource development," said Minister MacKay. "These projects will create many new jobs in Nova Scotia and generate significant revenues for government that will fund health, education and Old Age Security."

Pending final ministerial approval by both the federal and provincial governments, the independent CNSOPB will issue exploration licences effective January 15, 2013. After that point, any activity, such as seismic surveys or exploratory drilling, would require specific authorization from the independent CNSOPB.

The independent CNSOPB will continue to ensure the responsible and sustainable development of these offshore resources, while protecting the safety of workers and the environment. Further information is available at: www.cnsopb.ns.ca.

NRCan's news releases and backgrounders are available at www.nrcan.gc.ca/media.

FOR FURTHER INFORMATION PLEASE CONTACT:
Media may contact:
Carly Wolff
Press Secretary
Office of Canada's Minister of Natural Resources
613-996-2007


Media Relations
Natural Resources Canada, Ottawa
613-992-4447


The general public may contact:
Mon.-Fri., 8:30 a.m.-4:30 p.m. EST
Telephone: 613-995-0947
TTY: 613-996-4397
(teletype for the hearing-impaired)
questions@nrcan.gc.ca

 

Around the Web, We're Loving...

Partner Network

Get Benzinga's News Delivered Free