Canada: Interest wanes in Nova Scotia

FIVE COMPANIES surrendered 12 land parcels in Nova Scotia on 30 June, having failed to line up new partners or find buyers for the properties. They have opted instead to reimburse the government up to 25% of their combined C$276m ($208m) in bids rather than gamble on further drilling in a basin that has logged a rash of dry holes in recent years. This is the biggest setback to the region's struggling offshore since hopes soared in 1999, when six companies bid a record C$0.593bn for 19 exploration licenses. And another blow looms on 31 December, when another 10 licences and C$56.2m in work commitments by three companies are due to expire, with no sign that any of the three intends to drill. I