November 26, 2015 — The Nova Scotia government is extending the Georges Bank moratorium on oil and gas exploration and drilling.
The fishing bank has been off limits since 1988. This extends the protection until at least 2022. Ottawa passed a similar protection bill last June. Such exploration comes under the joint jurisdiction of the provinces and federal government.
BP and Chevron have drilling and exploration rights in the region, but will remain unable to use those leases.
Two parcels just outside the exclusion boundary and buffer zone have recently been granted to Statoil Canada Ltd., a Norwegian-based oil and gas company. It has promised to spend $82 million exploring the two properties.