Shell to spend $1B on N.S.'s offshore oil and gas

[q12]

BP, Shell team up to explore N.S. offshore

http://thechronicleherald.ca/business/176893-bp-shell-team-up-to-explore-ns-offshore

November 16, 2012 - 11:34am BY JOANN ALBERSTAT BUSINESS REPORTER

UPDATED 7:36 p.m. Friday

A pair of oil industry giants plan to spend $1.08 billion exploring Nova Scotia’s offshore in the coming years, including one that just agreed to pay a record settlement over the oil spill in the Gulf of Mexico.

BP has successfully bid $1.04 billion for exploration rights on four parcels, the Canada-Nova Scotia Offshore Petroleum Board announced Friday. Shell has claimed another four leases by agreeing to ante up $31.8 million, the industry regulator said.

BP granted deepwater exploration rights off N.S.

http://atlantic.ctvnews.ca/bp-granted-deepwater-exploration-rights-off-n-s-1.1041472

So BP is spending $1 billion now along with Shell's $1 billion. $2 billion is not chump change, they are both expecting to find some major oil deposits in our deep water.