- BP is scaling back its oil and gas exploration plans off Nova Scotia, as the Offshore Petroleum Board says the company is giving back 50% of the area included in its license.
- 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.
- At the same time, the Board says BP will pay a $1M deposit to extend the first phase of its exploration license 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.