Nova Scotia Resources (Ventures) Limited and BP Amoco Sign Gas Marketing Deal

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07 September 1999

Nova Scotia Resources (Ventures) Limited (NSR(V)L) and BP Amoco today announced the signing of an agreement for BP Amoco to market the Provincial Crown Corporations' 45 million cubic feet per day share of natural gas production flowing from the Sable Offshore Energy Project (SOEP) located offshore Nova Scotia, Canada. The agreement is effective immediately, with first production from SOEP anticipated for 1 November 1999.

"Our North American natural gas position and marketing capabilities will maximize the value of NSR(V)L's gas interest in the Sable project", said Brian E Frank, Vice President (Canada) of Amoco Energy Trading Company (AETC), BP Amoco's North American natural gas marketing arm. We are truly excited to have this opportunity to partner with NSFL, and look forward to integrating this new supply basin into the North American energy market."

Under the agreement, AETC will focus on marketing the gas primarily in New England and the northeastern states in the U.S. AETC also will pursue additional optimization opportunities throughout BP Amoco's substantial supply, transportation, storage, and customer portfolios in North America.

NSRL currently holds an 8.4% interest in SOEP, which translates to approximately 45 million cubic feet per day of marketable natural gas. It is estimated that SOEP has 3.5 trillion cubic feet of natural gas to recover over the life of the project. The natural gas produced from SOEP will be transported to markets through the Maritimes and Northeast Pipeline.

Amoco Energy Trading Company is a leading North American energy marketing and trading entity with natural gas sales of 5.5 billion cubic feet per day with offices in Calgary, Houston, Boston, Chicago, and Los Angeles. BP Amoco is North America's largest producer and private reserves holder of natural gas, producing 3.5 billion cubic feet of natural gas per day.

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