Accord opens access to Canada's Laurentian subbasin

Settlement of a boundary dispute has opened the exploration door to the strongly prospective Laurentian subbasin off Canada's East Coast. But the actual start-up date of exploration activity will be determined by how long it takes to draft new regulations and complete negotiations between governments and companies that hold acreage under old federal permits.The subbasin, west of the French islands of St. Pierre and Miquelon and off the southern tip of Newfoundland, has a postulated resource potential of 9 tcf of natural gas and 700 million bbl of crude oil.Companies holding acreage in the region include Conoco Inc., ExxonMobil Corp., Imperial Oil Ltd., Kerr-McGee Corp., and Murphy Oil...

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