New North Sea beckons oil producers off Canada's east coast
Change in old law offers chance to double exploration; second auction upcoming after first drew oil majors
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London
A CHANGE to an obscure shipping law is helping draw major oil companies to an area off Canada's east coast that may rival the North Sea for its production potential.
Exxon Mobil Corp, Chevron Corp, Statoil ASA, BG Group plc and BP plc are among the companies that committed to spend C$1.2 billion (S$1.3 billion) in auctions last November by the province of Newfoundland and Labrador for seven parcels off the coast. Now the government is adding 13 new parcels in an auction set for this November, as the removal of a decades-old shipping restriction opened the area to more vessels seeking oil and natural gas.
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