News Release Archive
NATURAL RESOURCES--SABLE ANNOUNCEMENT GOOD NEWS FOR NOVA SCOTIA
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Natural Resources Minister Eleanor Norrie said today's
announcement by Mobil Oil that a formal development plan
application is being filed for the Sable Offshore Energy Project
is good news for Nova Scotia.
"This is a very encouraging step that will bring the Sable
natural gas project another step closer to reality," said Mrs.
Norrie.
If the Sable project goes ahead, it will mean a capital
investment of as much as $3 billion in Nova Scotia.
"Most important, it will mean hundreds of jobs for Nova Scotians
during the construction phase, plus an additional hundred or so
direct jobs once the project is producing gas," she said.
In addition to jobs in the construction phase, the project would
result in a number of other benefits including spinoff activities
in Nova Scotia businesses that serve the offshore petroleum
industry, tax revenues to the province, and substantial royalties
from gas production.
"The province has reached agreement with Mobil and its partners
on a framework to establish a royalty regime and this has enabled
the proponents to proceed with filing a development plan," the
minister said.
In the next phase of the project, Mobil and its partners will
spend $100 million on pre-development work, including a $25
million expenditure on seismic work this summer.
"As the project shows, our government's hard work to create
climate that attracts investment is paying off," said Mrs.
Norrie. "We will continue to ensure that the interests of Nova
Scotia and Nova Scotians come first as this project moves another
step closer to reality."
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Contact: Natural Resources Minister Eleanor Norrie
902-424-4037
Blain Henshaw
902-424-5252
trp May 30, 1996 - 2:08 p.m.
