Que­bec to pay $20.5M to end An­ti­costi oil de­vel­op­ment

The Guardian (Charlottetown) - - BUSINESS -

QUE­BEC - The Que­bec gov­ern­ment will pay $20.5 mil­lion to Petro­lia as part of its plan to end oil de­vel­op­ment on An­ti­costi Is­land.

The prov­ince’s En­ergy and Natural Re­sources De­part­ment said in a state­ment Thurs­day the com­pen­sa­tion deal is based on pub­lic in­ter­est.

In late July, the gov­ern­ment an­nounced it was halt­ing oil and gas ex­plo­ration on the is­land and was ne­go­ti­at­ing with sev­eral com­pa­nies to get them to aban­don their re­search rights.

The de­ci­sion was made to pro­tect the is­land’s natural char­ac­ter and in sup­port of its bid to be­come a UNESCO World Her­itage Site. With deals that have al­ready been reached with Junex, Cor­ri­dor and Mau­rel & Prom, the to­tal com­pen­sa­tion is more than $61 mil­lion.

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