Canada and France sign exploration accord for hydrocarbons in Canada
05.18.2005, 03:24 AM
http://www.forbes.com/home/feeds/afx/2005/05/18/afx2036491.html

OTTAWA (AFX) - Canada and France have signed an accord to explore the waters off the archipelago of Saint-Pierre-et-Miquelon for hydrocarbons, the Canadian government said in a statement yesterday.

The accord allows for the exploration and exploitation of hydrocarbons in the provinces of Newfoundland and Nova Scotia, and the archipelago of Saint-Pierre-et-Miquelon, the statement said.

Two Canadian companies Gulf Canada Resources and Mobil Oil Canada, have been granted an exclusive permit to explore the region until April 2006.

After five years of negotiations, an accord was signed in France by the ambassador for Canada in Paris, Claude Laverdure, and the French minister for overseas affairs, Brigitte Girardin, the statement said.

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Canada and France sign oil exploration deal off St-Pierre-et-Miquelon
http://canadaeast.com/apps/pbcs.dll/article?AID=/20050517/CPA/21787018

PARIS (CP) - More than a decade after resolving a dispute over cod fishing, Canada and France have signed an agreement Tuesday on a management regime for oil exploration off the coasts of Newfoundland and Labrador, Nova Scotia and the French islands of St-Pierre-et-Miquelon.

The accord, concluded following four years of negotiations, establishes mechanisms to identify oil fields and share resources and economic benefits between the two countries.

It also provides for the negotiation of exploitation agreements for specific oil fields.

Foreign Affairs Minister Pierre Pettigrew said the agreement was the result of negotiations conducted in a spirit of co-operation.

"Once in force, it will pave the way for enhancing hydrocarbon exploration and exploitation activities," he said in a statement.

"This is good news for the region's economy and will further enhance the neighbourly relations in the Atlantic region between our two countries."

Natural Resources Minister John Efford added the deal will "facilitate the sustainable development of petroleum resources for the Canadian offshore industry."

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