Government Applauds PanCanadian Project Decision
?PREMIER'S OFFICE--Government Applauds PanCanadian Project Decision
Premier John Hamm has congratulated PanCanadian Petroleum Ltd. on its decision to go ahead with Nova Scotia's third offshore energy project.
"PanCanadian has an excellent track record in the Nova Scotia offshore," said Premier Hamm. "They gained local experience as operators of our first offshore energy project -- Cohasset- Panuke. We appreciate their commitment to our offshore and their vision for a strong Nova Scotia energy future."
The company announced today it would proceed with a development application for a $1 billion natural gas project this fall. The deep Panuke project is located below the Cohasset-Panuke oil project near Sable Island.
Natural gas production is based upon reserves of a trillion cubic feet at a production rate of 400 million cubic feet a day. This compares to a current production rate at the Sable Offshore Energy Project of more than 500 million cubic feet a day.
Nova Scotia's offshore is heading for production of close to a billion cubic feet a day by the middle of the decade, said the premier. "That's the equivalent of half the current natural gas consumption in all of New England. It clearly demonstrates our growing importance as an energy centre."
Efforts to find more oil and gas in Nova Scotia's offshore are being stepped up. Based upon exploration commitments of $1.03 billion, more than 40 exploration wells are expected to be drilled in the next four years.
Premier Hamm will be in Calgary next week to promote Nova Scotia's oil and gas industry, as well as the importance of the province's Campaign for Fairness.
"As our offshore resources grow, through projects such as the one announced today, it becomes even more critical that Nova Scotians enjoy the full financial benefits of those resources," added the premier.
"If we can convince Ottawa to honour its commitment under the Canada-Nova Scotia Offshore Accord - to ensure Nova Scotians are the primary beneficiaries of our offshore oil and gas - we will transform Nova Scotia's economy and become a contributor to Confederation, just as Alberta did."