BP Gives Up Acreage Offshore Nova Scotia

Laxman Pai
Tuesday, January 15, 2019

BP Canada is scaling back its oil and gas exploration plans off Nova Scotia, as the Canada-Nova Scotia Offshore Petroleum Board (NSOPB) said the company is giving back 50% of the area included in its license.

According to NSOPB, half of the area included in in Exploration License 2434R is a consolidation of four offshore parcels roughly 300 kilometers southeast of Halifax.

The move comes after BP failed to drill four wells within the first phase of its exploration license, which is required for approval of the second phase.

The petroleum board said BP also agreed to pay a $1 million drilling deposit to extend the first phase of its exploratory license, which was scheduled to end January 14, by one year.

The Nova Scotia government has estimated a potential resource of 121T cf of gas and 8B barrels of oil off its shores.

If BP decides to drill another well during its extended first phase exploration period, the board said the company must apply for authorization.

"To date, BP has only drilled one well which means they had to select one of the following options as outlined in the terms and conditions of the consolidated EL agreement," NSOPB said.

Categories: Government Update Offshore Energy Oil Exploration Government North America Drilling Activity

Related Stories

Capricorn Norge Drills Dry Well

Taking Stock of Spares

Hurricane Raises 2020 Production Guidance

Aker BP Makes Oil Discovery off Norway

Total Sells UK North Sea Assets

Sinopec Wins Pipeline Work for Aramco Marjan Project

Deepwater Leads in Discovered Oil and Gas

Storm Slashes US Gulf Oil Output 59%

North Sea Capital Making Inroads

US Gulf Production Restarting After Barry

Current News

Greece Creating Offshore Emergency Response Plan

Eni Allegedly Tried to Sway Witness in Nigeria

Aker Energy IPO May be in Late 2019 or 2020

MAN Wins Chevron FEED Gig

Hibiscus Acquires North Sea Rights

Work Begins at Windfloat Atlantic

Seadrill Gets a Drillship Contract

MDL Builds HLS for Double North Sea Scope

Woodside Q2 Revenue Slides 32%

Internet Outage Delays US Gulf Production Stats

Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week