Tags: Canada | France | oil

Quebec Opens up Untamed Anticosti to Oil Exploration

Thursday, 13 Feb 2014 05:33 PM

Quebec announced Thursday it will open up the pristine wilderness haven of Anticosti Island to oil and gas exploration, forming a joint venture with French energy firm Maurel et Prom to scour its vast wilds.

The island at the mouth of the Saint Lawrence River is sparsely populated, with only two hundred residents. But its untamed wilderness and abundant wildlife attract thousands of hunters, sport fisherman and campers each year.

And recent resource development pressures have caused a rift among its few inhabitants, with fears of disastrous environmental damage to this unspoiled environment pitted against hopes for new jobs in an economically depressed region.

The Canadian province of Quebec and Maurel et Prom have committed a total of Can$100 million initially to fund the search for energy resources due to begin mid-2014.

They will be helped by juniors Corridor Resources and Petrolia, which hold exploration licenses on the island and have agreed to transfer them to the joint venture in exchange for shares.

The exploration work involving drilling of a dozen and a half test wells is expected to continue over the following two years.

The island is believed to hold an estimated 30 billion to 40 billion barrels of oil.

The partnership is hoping to earn up to Can$74 billion over 30 years.

© AFP 2017

 
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Quebec announced Thursday it will open up the pristine wilderness haven of Anticosti Island to oil and gas exploration, forming a joint venture with French energy firm Maurel et Prom to scour its vast wilds.
Canada,France,oil
214
2014-33-13
Thursday, 13 Feb 2014 05:33 PM
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