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Nova Scotia offshore explorer missed deposit deadline, premier says

Nova Scotia's premier says the only company holding rights to explore for offshore oil and gas in the province missed Monday's deposit deadline.

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An offshore drilling rig aboard a heavy-lift vessel in Halifax harbour, seen from the waterfront.
The Noble Regina Allen drilling rig aboard the GPO Amethyst in Halifax harbour in September 2020. Archive photo providing context for Nova Scotia offshore exploration; it does not show Inceptio's proposed activities or the missed deposit deadline.

Nova Scotia's premier says the only company with rights to explore for offshore oil and gas in the province missed Monday's deadline for a deposit.

In a social media post Monday, Tim Houston said Nova Scotia's Inceptio Oil and Gas would be unable to put down the required $50 million.

Regulators approved the company's $210-million exploration bid in April. The company is led by Nova Scotian James Edens, who is also president of Scotland-based Inceptio UK.

Inceptio still needed an exploration licence before it could begin activities such as seismic testing and drilling.

Houston called the lack of a deposit a setback but said the province remained committed to developing its offshore resources.

Nova Scotia's offshore fossil fuel sector has seen no activity since the Sable and Deep Panuke gas projects shut down in 2018.