ConocoPhillips, Suncor join Shell in deepwater exploration off Nova Scotia
ConocoPhillips and Suncor Energy Inc. are joining Shell Canada as partners in exploring the deepwater Shelburne basin off Nova Scotia.
Shell’s six exploration licenses cover 19,845 sq km about 300 km offshore in 500-3,500 m of water.
Under the agreement, Shell will remain operator and have 50% interest. ConocoPhillips is to acquire 30% and Suncor 20%.
Shell acquired four licenses in 2012 and two in 2013 for $998 million (Can.). The licenses are good for 6 years.
Shell said it conducted a 3D seismic survey in 2013 covering 10,850 sq km. Pending regulatory approval, Shell anticipates that drilling will begin in second-half 2015.