Balancing Responsible Growth and Stewardship in Nova Scotia's Offshore, Op-ed

NOTE: The following is an op-ed from Energy Minister Michel Samson.

Nova Scotians know that a great deal of our province's economy is built upon our seacoast -- fishing, shipbuilding, bio-sciences, tourism and our nation's East Coast navy.

We have a long history of welcoming new Canadians and being a gateway for goods and services. Offshore energy development is another significant economic opportunity created by the forces of nature.

I am pleased to say that Nova Scotia's fishing industry and other sectors have safely co-existed with responsible offshore developments for 25 years. This is because Canada has one of the strongest offshore safety and environmental protection regimes in the world. When companies come here to explore this natural resource, they do so under stringent rules that are enforced by a regulator to ensure our record continues. As well, we've strengthened requirements for industry to assume financial responsibility for any incidents.

Government, communities and industry agree that Georges Bank, in particular, needs special protection. A large elevated area of the sea floor separating the Gulf of Maine from the Atlantic Ocean, it is home to fish, mammals, corals and other organisms. It's an important eco-system that supports a multi-million-dollar fishery.

A moratorium to protect the area has been in place since 1988 and was due to expire Dec. 31. Our government has been working with the federal government to ensure the moratorium continues.

New legislation brought forward and passed this fall extends the moratorium on oil and gas activity on Georges Bank through to 2022. With some study, the moratorium can be extended in 10-year increments after that.

Our energy resources belong to Nova Scotians and our government's interest is in realizing the benefits for them.

Offshore exploration and development can create significant economic activity for our communities and for the ocean-sector service and supply chain. International oil and gas companies are already spending millions of dollars to explore the resource. And, if exploration is successful and market conditions are right, Nova Scotians will benefit from royalties in the future. That means improving public services and strengthening our province's economic future.

The ocean and our natural environment are very important to our province and we hope Nova Scotians see the ongoing efforts being taken to balance the responsible growth and stewardship of our offshore resources.