Nova Scotia is potentially on the hook for millions of dollars in decommissioning costs as ExxonMobil prematurely winds down production at a ...
On Canada’s east coast, American oil and gas companies are doubling down and betting that the small maritime province of New Brunswick is the next shale gas hot spot.
How has New Brunswick become a primary destination for oil and gas companies? Two reasons in particular stand out: 1) The government does not know how it will manage shale gas exploration (having only just released its “framework for a long-term action plan to manage the exploration, development and utilization of domestic natural gas” last Thursday evening) - which means companies that invest early will have a say in developing gas exploitation policies; 2) In terms of gas concentrations per square kilometer, New Brunswick may hold North America’s largest shale bed [PDF].
New Brunswick was not on the gas industry’s radar a couple of years ago but things are changing rapidly as American gas developers are rushing across the border to snap up exploration rights in order to win big in the destructive shale boom.