Ownership and Jurisdiction Of Oil and Gas Resources

"LIKE ALL OTHER NOVA SCOTIANS, I have been thrilled during the past few years with the growing evidence that substantial reserves of oil and gas are being discovered off the Atlantic coast of Canada. There are those in this province who believe that large-scale commercial production is just around the corner, and that when it starts Nova Scotia will begin to float on a sea of royalties. These overly optimistic people, of whom I am not one, are convinced that with the first barrel of oil shipped to market, Nova Scotia can forget its financial problems while its people take on the luxurious lifestyle of the shieks of Kuwait or Saudi Arabia. You and I know, however, that even though offshore oil and gas may turn out to be the greatest gift nature has ever bestowed on Eastern Canada, it may take some considerable time before the reserves can be accurately assessed, before the industry can become fully operational, and before the benefits of production can be translated into royalties and tax revenue, improved public services, new industrial facilities and more jobs. While it is premature for the ordinary Nova Scotian to take on the habit of buying expensive cigars and lighting them with ten-dollar bills, it is not too early for him to insist that governments and industry plan intensively and well for the beneficial exploitation of undersea resources."