BP Gives Up Some Acreage Offshore Nova Scotia, Extends License

BP has opted to surrender half of its acreage in Exploration License 2434R offshore Canada’s Nova Scotia after failing to drill the required number of wells, according to the Canada-Nova Scotia Offshore Petroleum Board.

The petroleum board said BP also agreed to pay a $1 million drilling deposit to extend the first phase of its exploratory license, which was scheduled to end Jan. 14, by one year.

The steps are being taken after BP drilled only one of the four wells it was required to drill within six years of the effective date of its exploration licenses for the land, the petroleum board said in a Jan. 15 news release.