More Offshore Oil and Gas Land Open for Exploration Bids

There is good news for the province today, Dec. 4, with new interest in Nova Scotia's offshore oil and gas real estate.

In response to a nomination by industry, the Canada-Nova Scotia Offshore Petroleum Board has issued a call for companies to bid for exploration licences on two new offshore shallow water blocks.

The board has called for proposals to explore two 90,000-hectare parcels located immediately south and immediately northwest of Sable island. The combined acreage of the two exploration blocks is 183,000 hectares. The blocks are close to the Sable Offshore Energy Project.

"This is good news for the province and good news for the oil and gas exploration industry," said Energy Minister Bill Estabrooks. "Any time new exploration rights are made available, it generates more interest in our offshore."

The new call for bids, which was approved by the federal and provincial governments, continues a policy that offers companies more flexible, lower entry cost exploration licences that reward early activity and encourage a broader range of companies to explore and invest.