Old Harry oil exploration licence in Gulf of St. Lawrence extended – cp

by ahnationtalk on January 15, 2016664 Views

Source: The Canadian Press
Jan 15, 2016

ST. JOHN’S, N.L. _ Newfoundland and Labrador’s offshore oil regulator says an exploration licence for the Old Harry site in the Gulf of St. Lawrence has been extended for another year.

Corridor Resources Inc. (TSX-CDH) of Halifax had until Friday to offer a $1 million deposit to extend the licence until next January.

The Canada-Newfoundland and Labrador Offshore Petroleum Board says the province and Ottawa agreed to waive the deposit as regulatory factors have delayed drilling.

Environmental reviews along with public and aboriginal consultations must be held before drilling goes ahead.

Indigenous groups and environmental activists want a moratorium in the Gulf pending a scientific review of risks.

The federal government has estimated the Gulf and surrounding areas potentially hold 39 trillion cubic feet of natural gas and 1.5 billion barrels of oil.



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