Statoil in test case for industry as Canada extends seabed territories

Mon Nov 17, 2014 1:00am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

(Repeats story from Sunday)

* Coastal states using old laws to grab seabed territories

* Areas used to be too remote to develop

* But new oil and gas drilling technology promises revenues

* Percentage of revenues must go to U.N. seabed authority

* Countries hope to pass that payment on to oil firms

* Statoil is test case via exploration in Canada fields

By Alister Doyle

OSLO, Nov 16 (Reuters) - Norway's Statoil risks millions of dollars in extra costs in Canada - a test case that could spell problems for other oil firms too as coastal states extend their seabed territories far into resource-rich ocean depths.   Continued...