NS oil report

A veteran observer of the offshore oil and gas industry says the capping of two exploration wells is a worrying signal for Nova Scotia’s hopes of oil riches.

Shell confirmed this week its abandoned its Monterey Jack well months after saying it found nothing at its Cheshire well.

Wade Locke, an aconomist at Memorial University; says it’s not a good sign for the province.

He pointed out higher oil prices are needed to encourage more offshore exploration.