Call for Bids Demonstrates Renewed Interest in Offshore

A call for bids by the Canada-Nova Scotia Offshore Petroleum Board today, June 30, is another step to reinvigorate interest in Nova Scotia's offshore oil and gas industry.

The board issued a call for bids for exploration rights to eight deep-water parcels off Nova Scotia. The parcels include lands nominated by industry as well as regions identified as attractive exploration areas in recent research and analysis.

The province has invested $15 million over the last three years to provide industry with a clearer picture of the geology of offshore Nova Scotia, which is being marketed around the world to attract investment.

"Interest in our findings has been high and we look forward to seeing how the industry responds," said Energy Minister Charlie Parker. "Oil and gas companies had told us that the lack of information about our offshore made it hard to make a business case for further exploration. We are now providing them with a clearer picture of that potential."

The work is usually done by companies interested in a particular area. Government did the work, known as a Play Fairway Analysis, to provide a picture of the sub-sea geology and assess its oil and gas potential.

A detailed 350-page atlas of the offshore area will be available soon at www.novascotiaoffshore.com.

"Our strategy for the future of energy in Nova Scotia is all about balance and our offshore has an important role to play," said Mr. Parker. "We are dramatically increasing the amount of green, renewable electricity produced here at home, while, at the same time exploring the responsible development of our oil and gas resources.

"This supports economic development in rural communities and encourages sustainable development of natural resources, which is consistent the jobsHere strategy."

Natural gas is also a clean burning local fuel that can back up renewable electricity and allow the development of more renewable resources.

For more information on government's energy strategy, visit www.gov.ns.ca/energy/renewables/ .

More information on the offshore petroleum board's call for bids can be found at www.cnsopb.ns.ca .