Annual report 1995-1996

The annual report including financial statements of the Canada-Nova Scotia Offshore Petroleum Board (the Board) was presented for the fiscal year ending March 31, 1996. The Board's responsibilities include ensuring safe working conditions for offshore petroleum activities, protection of the environment during offshore petroleum operations, and management of offshore petroleum resources. In February of 1996, the successful completion of the CP3A well at Cohasset added in excess of 1,000,000 barrels of recoverable oil to the field. The report also discussed efforts towards improved levels of communication with government departments, agencies and other organizations having an interest in offshore oil activities, agreements concluded with the Canadian Coast Guard and the Canadian Transportation Accident Investigation and Safety Board, the Canada-Nova Scotia Environmental Coordinating Committee, the National Energy Board, and the Canada-Newfoundland Offshore Petroleum Board. During the fiscal year production amounted to 7.5 million barrels of Scotia light crude oil. In another highlight, exploratory permit was issued for the Sable Island field, a proposed development of six gas fields, effective January 1, 1996. tabs