08-27-2004, 04:23 PM
Well, that's it. The last oil and gas company has packed up and left town. After spending $80 million on a dry run, Marathon Petroleum has given up and plugged the well. Not one of the other expired contracts have been picked up, and after spending $1.2 billion since the Deep Panuke discovery SIX YEARS AGO, not another drop of oil has been found by any of the companies.
This has been the death knell of the offshore gas here...the bell tolls for we. None of the licenses are going to be renewed any time soon - AKA anytime at all. Looks like we've got another century on the losing end of things to contend with.
This has been the death knell of the offshore gas here...the bell tolls for we. None of the licenses are going to be renewed any time soon - AKA anytime at all. Looks like we've got another century on the losing end of things to contend with.