BP wins four bids Nova Scotia deepwater exploration blocks

BP wins four bids for Nova Scotia deepwater exploration blocks

9:14 AM, 17th November 2012
BP wins four bids for Nova Scotia deepwater exploration blocks
Mike Daly, Executive Vice President, Exploration, BP.

CALGARY, CANADA: BP is notified that it was the successful bidder for four deepwater exploration blocks offshore Nova Scotia, Canada.

The Canada-Nova Scotia offshore petroleum board (CNSOPB) announced that BP was the successful bidder for blocks five, six, seven and eight in the call for bids NS12-1. The blocks together cover an area of almost 14,000 square kilometre and are located approximately 300 kilometre off the Nova Scotia coast, Southeast of Halifax, in water depths ranging from 100 to over 3000 metre.

“This award gives us access to a significant piece of geology, one of the most promising new deepwater areas to be licensed in recent years. Exploration is a key driver of future growth for BP and access to prospective new acreage such as this is essential. This entry to Nova Scotia’s offshore plays to our strengths in the deepwater and sub-salt,” said Mike Daly, Executive Vice President, Exploration, BP.

BP must post within thirty days a security with the petroleum board in the form of a work deposit. The CNSOPB would then award the exploration licences to BP with an effective date of Jan 15, 2013. BP then must submit an exploration plan to the petroleum board within ninety days of that effective date.

In recent years, BP has secured access to significant new upstream acreage globally; half of BP’s prospect inventory now comprises new plays and half is in proven plays in known basins.

“We are pleased about the quality and materiality of our exploration prospects. In addition to deepening in our existing core areas, our drilling programme is expected to test 15 completely new plays between 2012 and 2015,” said Daly.

© WOC News

 

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