Canada Rules Out Arctic Oil Drilling Extensions for Exxon and BP
- Five companies won licenses totaling C$1.9 billion in bids
- Industry ‘anxious to have further disucssions’ on offshore ban
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The Canadian government says it won’t grant extensions to exploration licenses for Exxon Mobil Corp., BP Plc and other oil firms as it prepares for consultations over the impact of an Arctic drilling moratorium.
The companies hold leases that expire over the next six years, totaling C$1.9 billion ($1.4 billion) in bids. Prime Minister Justin Trudeau and U.S. President Barack Obama announced new restrictions on Arctic oil development on Dec. 20, with Canada saying existing leases wouldn’t be affected without industry input on a path forward.