Will dreams of an offshore oil boom off Canada's East Coast go bust?

National Observer

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Independent: Observer Media Group (Canadian Company)

Will dreams of an offshore oil boom off Canada's East Coast go bust?

This week, ExxonMobil Canada announced there is “no evidence of hydrocarbons” in its Persephone exploration well, which the company hoped would unlock billions of barrels of oil off the coast of N.L. The news follows a similar announcement by Equinor and partner BP earlier in the month, which noted that its Sitka well near the site of Bay du Nord was also a failure.