An observer of the offshore oil and gas industry in Atlantic Canada says the capping of two exploration wells by Shell is a worrying signal for Nova Scotia’s hopes of oil riches. Shell confirmed this week it’s abandoning its Monterey Jack well months after saying it found nothing at its Cheshire well.
Wade Locke, an economist at Memorial University, says it’s not a good sign for the province. He pointed out higher world oil prices are needed to encourage more exploration offshore.