By Mike MacKenzie
The prospects for Nova Scotia’s offshore oil and gas industry continue to be promising one week after Shell was awarded a $970m contract to explore four deepwater offshore parcels south of the province. In case you missed it, here are two stories from this past week that focus on the future of the industry and companies who are already positioning themselves to take advantage of exploration opportunities.
A report completed by the Nova Scotia Department of Energy has received industry praise for its comprehensive analysis of the province’s offshore potential. The report, entitled Play Fairway Analysis, estimates that Nova Scotia reserves of offshore oil and natural gas are three-times higher than previously thought, opening the door for further exploration into what could be a substantial opportunity for Nova Scotia’s oil and gas industry.
A 350-page document that took three years to complete, the report includes a level of comprehensive study and analysis that private companies themselves would often undertake before deciding to embark on a project, meaning that the province has removed much of the guesswork and many of the costs associated with exploratory drilling. And while the Department is currently selling its findings to major companies throughout the world, the report was anything but a solo effort: experts from Dalhousie and Saint Mary’s universities, the Canada-Nova Scotia Offshore Petroleum Board, the Geological Survey of Canada, and the offshore regulator also contributed. Read more about the report and what it could mean for Nova Scotia.
A Dartmouth diving company is already suiting up in anticipation of potential work related to Shell’s contract. Dominion Diving Ltd. has made investments in both training and new equipment that can be used in locations up to 400 metres deep. Company president Matthew Lohnes also announced that the company is sending 15 employees skilled in robotics operation overseas for advanced training. Dominion currently employs 47 people, but Lohnes says that number could easily double if the company is successful in gaining work for Shell during the contract. Other companies, including Helly Hansen Canada and Cherubini Metal Works Ltd., are also looking ahead to potential spinoffs and opportunities. Read more about how Nova Scotia's oil and gas industry is positioning itself for success.
That’s what happened this week. So in case you missed it, you’re now in the know.
Author: Mike MacKenzie
Mike is the Communications and Marketing Assistant with Greater Halifax Partnership, currently working as a Bachelor of Public Relations co-op student. A lover of all things communications and strategy related, Mike is often known to spend his free time analyzing the latest-and-greatest PR/advertising campaigns. As a relative newbie to the Halifax scene, he can also be seen strolling the streets of downtown looking for the next cool thing that the city has to offer.