Deep Panuke passes final hurdle
EnCana board OK's Deep Panuke
Last Updated: Thursday, October 25, 2007 | 7:59 AM AT
The board of directors at EnCana Corp. has approved the $700-million Deep Panuke natural gas project for offshore Nova Scotia.
The decision was made at the board's quarterly meeting in Calgary on Wednesday, but it was announced early Thursday.
The development, about 175 kilometres off Nova Scotia, is expected to breathe new life into an industry where exploration has stalled.
EnCana estimates it will spend $150 million a year on developing as many as eight wells, with gas to flow as early as 2010.
The project is expected to deliver more than $400 million in royalties to the province of Nova Scotia over its 13-year lifespan.