Question: is this likely to have any impact on NB Power planning decisions ?
...Lepreau refurbishment ?
EnCana shelves N.S. offshore gas project
ALISON AULD CANADIAN PRESS [The Montreal Gazette, 15 Feb. 2003]
HALIFAX - EnCana Corp. called for a "time out" in its $1.3-billion Deep Panuke natural-gas development off the coast of Nova Scotia yesterday, deepening concerns about the future of the troubled project.
Gwyn Morgan, chief executive officer for the Calgary-based company, said the high-risk venture needed an indefinite suspension while officials re-evaluate the development plan in the hopes of strengthening return on investment.
"I think it's in the interest of everybody to call this time out instead of spending more time and money on this," Morgan said in a conference call with media and shareholders. "The risk-adjusted returns, including the pipeline commitment for the existing project, simply do not justify moving ahead with the project development at this time."
The company has applied to the federal and provincial regulatory agencies - the Canada-Nova Scotia Offshore Petroleum Board and the National Energy Board - for permission to delay the approval process.
Morgan said the company hoped to report back to the boards by the end of the year, after it has examined its options and explored possible assistance from all stakeholders, including the three levels of government.