Government Blocks New Cenovus Wells, Citing Environmental Risk

Reuters reported that the Canadian government has blocked a bid by Cenovus to drill up to 1,275 new shallow gas wells in Alberta, citing enviromental risk.

As quoted in the market report:

The proposal would have included pipelines, access trails and other infrastructure. Kent said he took into account the recommendations of an independent joint review panel, which was appointed in November 2006. He said he agreed with its conclusions on the significance of the environmental impacts.

To view the whole Reuters report, click here.