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BP scales back exploration plans off N.S., gives up half its offshore area

January 15, 2019 4:04 PM
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HALIFAX - BP Canada is scaling back its oil and gas exploration plans off Nova Scotia, giving up half the offshore area included in its exploration licence.

The Canada-Nova Scotia Offshore Petroleum Board says the energy giant is surrendering 50 per cent of the area included in its licence — a consolidation of four offshore parcels roughly 300 kilometres southeast of Halifax.

The move comes after BP failed to drill four wells within the first phase of its exploration licence, required for the second phase to be approved.

The board says the company will pay a $1-million deposit to extend the first phase of its exploration licence, which ended Monday, by one year.

Source: thestar.com

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