Canada extends underwater borders using UN laws to capture resource-rich seabeds
Mon, Nov 17, 2014 - 5:50 AM
All eyes are on Canada's extended territories as the test case for oil companies because Statoil has found potential new fields there. If drilling takes place, Canada and Statoil will have to pay the United Nations one per cent of revenues in the sixth year of production, with further payments till the 12th year.
NORWAY'S Statoil risks millions of dollars in extra costs in Canada - a test case that could spell problems for other oil firms too as coastal states extend their seabed territories far into resource-rich ocean depths.
Coastal nations are using UN laws to extend and define new...