News release

New Exploration Projects in Nova Scotia's Offshore

Energy (June 2002 - July 2018)

Nova Scotia's offshore has attracted another leader in the oil and gas industry, with the confirmation of successful bids for two deepwater parcels.

The Canada-Nova Scotia Offshore Petroleum Board announced today, Nov. 12, it has received successful bids from Statoil Canada Ltd. The Norwegian-based oil and gas company has committed to spending $82 million to explore two properties, which were part of the board's 2015 Call for Bids.

"We are thrilled to welcome an experienced and well-respected company like Statoil to our offshore," said Energy Minister Michel Samson. "Statoil's projects will build on Shell Canada and BP's billion-dollar exploration projects, reaffirming global interest in Nova Scotia's offshore resources."

Government has stepped up its efforts to attract investment in the offshore. In 2014 government announced a four-year commitment to spend $12 million to collect more geoscience research and market that data to oil companies around the world.

A portion of this year's research covered the parcels bid on by Statoil.

"These projects will create even more economic activity for our communities and for the ocean sector service and supply chain," said Mr. Samson. "And, if all goes well, Nova Scotians will benefit from royalties in the future from these projects."

Statoil has business operations in more than 30 countries and is a major operator in offshore Newfoundland and Labrador. The company owns interests in several exploration, development and production licences, granted by the Canada-Newfoundland and Labrador Offshore Petroleum Board.

Canada has one of the strongest regulatory regimes in the world to ensure businesses that operate in Nova Scotia do so in a safe and responsible manner.

The Canada-Nova Scotia Offshore Petroleum Board oversees a thorough bid process to determine exploration rights. The board can issue exploration licences to Statoil for these parcels with final approval by the federal and provincial governments. These licences provide companies with exclusivity over the area, but do not authorize any work. Future activity will require approval from the petroleum board.

More information on the results of the call for bids can be found at http://www.cnsopb.ns.ca.