Vol. 12, No. 27 Week of July 08, 2007
ExxonMobil and Shell have invited bids for their combined 18 percent stake in the planned Deep Panuke natural gas project offshore Nova Scotia.
Project operator EnCana is not saying whether it will enter the bidding by the Aug. 8 deadline. The two majors acquired the interests after EnCana drilled on their leases to determine the extent of Deep Panuke’s reserves after the field’s 1998 discovery and made the MarCoh discovery.
Estimates of recoverable reserves now stand at 632 billion cubic feet, a big drop from initial projections of about 1.5 trillion cubic feet.