Headlines from this weeks SPEC

March 17, 2002

More than $15. million for oil & gas exploration in the Gaspé
Gilles Gagné

More than $15 million will be spent in the next five years by private companies for oil and gas exploration in the Gaspé Peninsula and in the Eastern part of Lower St. Lawrence. This amount will probably be surpassed considerably, but it covers, as of the beginning of March, the investments officially announced on exploration permits issued by the Department of Natural Resources of Québec.

Sixty exploration permits were issued over the last months by the Department, mainly based on the results of seismic tests performed in 2000. Many more applications for additional permits are under analysis by Natural Resources civil servants. That does not include other applications that will be submitted once the results of 2001 seismic tests will be published in April.