Shell has announced a timeline to search for oil off the coast of Nova Scotia. The project is expected to cost $970 million dollars and is called the Shelburne Basin Venture. An office for the project will be opened in Halifax in 2013. Once the office is open, Shell will begin seismic testing of the four deepwater blocks off the continental shelf, roughly 250 km southwest of Halifax. The Province of Nova Scotia predicts that there may be potential reserves of 120 tcf of natural gas and 8 bbbl of oil. It is expected that over the next six years the $970 million exploration program will significantly boost the offshore supply sector in Nova Scotia. The project will be crewed by local seafarers and management.
Nalcor Energy, a Newfoundland Crown corporation and Emera Inc., a private Nova Scotia utility company have signed 13 deals along with the provincial governments of Nova Scotia and Newfoundland and Labrador. Called the Muskrat Falls Project, it will have a life span of 50 years to develop a multi ‐billion dollar hydro project. The Project will harness power from the Churchill River located in Labrador and transmit it to Newfoundland and Nova Scotia by subsea cables. The cost of the Project is expected to be $6.2 billion. The Natural Resources Minister for Newfoundland and Labrador believes that this will be the most affordable solution for the energy needs of the Province. An additional advantage of the Project is that excess power could be sold to other markets in the Maritimes and New England. In exchange for funding the subsea link between Newfoundland and Nova Scotia, the province of Nova Scotia will receive 20 percent of the Project’s power for 35 years.
PetroWorth, an acquisition and exploration company in Eastern Canada, has announced that the Province of Nova Scotia’s Department of Energy has granted a one year extension to the company's exploration permit for the Lake Ainslie block in Western Cape Breton Island.
PetroWorth may now move forward and drill a 1,200 metre oil exploration well in West Lake Ainslie. The company plans to drill the well before the end of 2012. The location for the proposed well is based on the interpretation of seismic data PetroWorth acquired in 2009, and on a number of historic wells drilled in the area dating