Province Funds Research and Development to Attract Offshore Exploration

first_imgThe government of Nova Scotia is putting new money into research and development to encourage drilling in offshore Nova Scotia. Today, the province announced a $100,000 grant to a research association to explore the use of electromagnetic imaging technology to help find oil and gas deposits in offshore Nova Scotia. “Nova Scotia has proven oil and gas reserves. I want more exploration and that is why government is helping to make it happen,” said Energy Minister Bill Dooks. The grant was awarded to Petroleum Research Atlantic Canada. “Electromagnetic imaging technology has the potential to accelerate the identification of drilling prospects and reduce exploration risk,” said Dave Finn, president of Petroleum Research Atlantic Canada. “This is a nicely focussed strategic investment by the province. We’re delighted to facilitate projects like this for our members.” The government said an announcement of nearly $1 million worth of geoscience research work will be made in the coming weeks, part of the province’s $6 million investment in research and development and other data initiatives in the past 14 months. This investment was one of several measures presented to industry members attending OTC ’07 in Houston, Texas, one of the world’s largest oil and gas shows. Industry members heard about the changes the province’s regulator — the Canada-Nova Scotia Offshore Petroleum Board — will be making to generate interest in our potential. The changes include creative approaches to land tenure issues and creating more flexible terms and conditions for new exploration licenses. In addition to the policy changes around offshore licencing, the province also outlined its steps to create a streamlined regulatory process. And it highlighted its world-class companies and workforce from Nova Scotia. Thirty-two Nova Scotia companies are taking part in the conference. With more than 2,000 exhibiting companies, and 50,000 delegates, the Offshore Technology Conference ranks among the 10 most attended trade shows in the United States. For more information, see the Department of Energy website at .last_img read more

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