----- Original Message -----
Sent: Sunday, February 16, 2003 12:03
Subject: [cdn-nucl-l] more gas news
Question: is this likely to have any impact
on NB Power planning decisions ?
...Lepreau refurbishment ?
EnCana shelves N.S. offshore gas
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
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