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Canada's deep, Arctic waters attract big oil

Several of the world's largest oil and gas producers are extending their reach into the deep-water Canadian Beaufort Sea

They are confident they can make discoveries on a grand scale and handle whatever measures governments and regulators may impose in the aftermath of BP's Macondo well blowout. BP is one of the main players in the Beaufort, along with ExxonMobil and its 69.6% subsidiary Imperial Oil, Chevron Canada, Shell, ConocoPhillips Canada and Devon Energy. Although only 90 wells have been drilled in the Beaufort, 28 of them yielding Significant Discovery Licenses based on evidence of hydrocarbons that could be produced over a sustained period, the region has been assigned mean recoverable resources of 7bn barrels of oil and 70 trillion cubic feet (cf) of gas. Geologists estimate the Canadian section



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