Scottish energy firms eyeing Nova Scotia offshore acreage
Opportunities for Scottish energy firms to partner with the oil and gas market in Nova Scotia, Canada, will be the focus of an event supported by two of the industry’s leading professional service firms, Deloitte and Simmons & Company International Limited, in Aberdeen next week.
The Honourable Premier of Nova Scotia, Stephen McNeil, will be the keynote speaker at the Nova Scotia – Primed for Growth reception on 24 June that has been organised by Canadian law firm Cox & Palmer, which has offices across the country’s Atlantic seaboard.
McNeil will be joined by members of the Nova Scotia business community for the event at the Marcliffe Hotel & Spa, which runs from 5.30 – 7.30pm.
In a statement announcing Premier McNeil’s trip to Europe, he said:“Nova Scotia companies already do a lot of business with Europe, and we want that to grow more in the future. As just one example, Nova Scotia’s offshore has the potential to drive economic development and job growth.”
Nova Scotia’s offshore is rich with potential. Its first offshore well was drilled in 1967 and the first offshore discovery was at Sable Island in 1971. Two world leaders in oil and gas are currently investing in the province’s offshore: Shell Canada has committed to spend $1 billion exploring two parcels in the Sable Island area and six parcels in deep water over six years and BP Exploration Ltd. has been awarded four deep-water parcels for a total exploration spending commitment of nearly $1.1 billion over six years.
Evidence also shows potential for onshore natural gas, including conventional, tight gas and coal gas (coalbed methane) resources. The province has a number of exploration agreements and production agreements with companies that are actively working this new frontier of Nova Scotia’s energy industry.
Daniel F. Gallivan, Q.C., chief executive officer and senior partner of Cox & Palmer, said: “The enthusiasm, optimism and energy surrounding Nova Scotia’s offshore has been fuelled by Premier McNeil’s leadership and the Aberdeen event will provide an important opportunity for the UKCS industry and supply chain to learn more about current and future developments.”
Nick Dalgarno, managing director with Simmons & Company International Limited in Aberdeen, said: “It is an exciting time in Nova Scotia’s offshore petroleum sector, with billion dollar commitments from Shell and BP and extensive exploration and production programs underway. The opportunities are vast, with 120-trillion cubic feet of gas and 8-billion barrels of oil in Nova Scotia’s offshore. Our oil and gas service sector will view this market as a significant, potential opportunity and the event in Aberdeen will afford a valuable insight to the province’s requirements in the years ahead alongside the chance to talk to the Premier and senior figures from its business community.”
Derek Henderson, office senior partner for Deloitte in Aberdeen, said: “The Premier’s visit undoubtedly highlights Aberdeen’s global reputation as a centre of excellence for the oil and gas industry. There are great possibilities for oil and gas companies who have honed their technology, skills and expertise in the North Sea to apply these offshore Nova Scotia, as the industry in East Canada develops further.”