Offshore staff

HALIFAX, Nova Scotia -- The regulator of Nova Scotia's offshore petroleum industry has announced changes intended to make the province's offshore more attractive for exploration.

In a speech to the oil and gas industry, Diana Dalton, chair of the Canada-Nova Scotia Offshore Petroleum Board, introduced more flexible terms and conditions for new exploration licenses.

In the future, there will be a second type of exploration license with a two- or three-year term with a lower cost of entry, Dalton told an audience hosted by the Offshore/Onshore Technology Association of Nova Scotia. The hope is that this license will appeal to a broader range of oil and gas companies, allowing them to do preliminary work without up-front, long-term commitments.

"The changes we have announced today will make the offshore of Nova Scotia more attractive for exploration," Dalton said.

Dalton also said that the board will appraise and evaluate data on areas thought to have potential for oil and gas. The board will package the information and announce that the area is open for exploration through a competitive call for bids at regular intervals.

"We want the offshore of Nova Scotia to be regarded as a part of the global industry, not apart from it," Dalton said, noting that the changes follow broad consultation and consideration of best practices worldwide.

"We believe the changes we've announced today will get explorers exploring at minimal cost and provide valuable geoscience information on the offshore," she said.

4/20/2007