Canada gives ConocoPhillips okay for exploratory drilling in Far North

NEW YORK Wed Oct 30, 2013 9:02pm EDT

NEW YORK Oct 30 (Reuters) - Canada's National Energy Board on Wednesday approved ConocoPhillips's application to start exploratory drilling in the Northwest Territories, the first time the federal regulator has granted authorization for horizontal hydraulic fracturing (fracking) in Canada's Far North.

The independent NEB, whose responsibilities include safety, protection of the environment and conservation of resources, gave ConocoPhillips permission to drill two wells near Norman Wells, 728 miles (1120 km) from Yellowknife, the territorial capital, and 100 miles (160 km) south of the Arctic Circle.

ConocoPhillips won a land use permit and water license from the local authorities in June, the NEB said in a press release.

The company did not return a call seeking comment on its plans for Canada's North.


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.