Shell commits to $970 million for Nova Scotia offshore exploration

Posted Jan 20, 2012 11:42:39 AM.

This article is more than 5 years old.

Shell Canada has been awarded offshore exploration rights off southwestern Nova Scotia under a $970-million agreement.

The Canada-Nova Scotia Offshore Petroleum Board announced today that Shell Canada won the rights to explore four deepwater areas.

The provincial government says Shell has committed to spend $970 million exploring those areas over the next six years.

The exploration licences are set to begin March 1, pending approval by the federal and provincial governments.

Nova Scotia Premier Darrell Dexter says the announcement is a boon to the province’s oil and gas industry.

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