Nova Scotia is “open for business” for Scottish firms interested in tapping into its huge oil and gas potential.
That was the message from the Canadian province’s top politician, Premier Stephen McNeil, at an event in Aberdeen last night.
Nova Scotia has an estimated 120trillion cubic feet of gas and 8billion barrels of oil waiting to be exploited, and Mr McNeil said Scottish know-how could help extract it.
Speaking just before the reception, called Nova Scotia – Primed for Growth, at the Marcliffe Hotel, he said there was no questioning the ability of firms in this country to play a key part.
“They have an expertise that we require,” he said, adding: “We already have people at home doing great work but want to make sure companies here know there is an opportunity.”
An abundance of offshore oil and gas resources in Nova Scotia led to drilling in 1967 and the first discovery at Sable Island in 1971.
Two oil and gas giants are currently investing in the province. Shell is spending £587million exploring two parcels in the Sable Island area and six in deep water over six years, while BP has been awarded four deepwater parcels for a total exploration spending commitment of nearly £650million over six years.
Evidence also shows significant potential for onshore natural gas.
The total revenue potential adds up to hundreds of billions of pounds.
McNeil said it was much too early to talk about spending any of it, or the prospect of an oil fund to benefit future generations of Nova Scotians.
He was also wary about getting too carried away about what it could mean for the province’s economy.
But he told the Press and Journal he was “cautiously optimistic” about the potential and encouraged by the results of seismic surveys.
He sidestepped Scotland’s independence debate, saying Nova Scotia had enough problems to keep him busy.
The reception was organised by Canadian law firm Cox and Palmer, with the support of professional service firm Deloitte and specialist corporate-finance adviser Simmons and Company.
McNeil is visiting five countries in eight days to promote oil and gas opportunities in the province. As well as Scotland, where he was accompanied by his energy minister, Andrew Younger, the tour takes in England, Belgium, the Netherlands and Germany.
The premier, who has ancestors from Barra, is also looking to build tourism bridges between Nova Scotia and Scotland.