Only Firm Approved to Explore for NS Offshore Oil and Gas Misses 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 deposit deadline. Tim Houston said in a social media post Monday that Nova Scotia’s Inceptio Oil and Gas would not be able to put down the more than $50 million that’s required to be granted an exploration licence.
TL;DR
- Inceptio Oil and Gas, the only company with rights to explore Nova Scotia's offshore oil and gas, missed a deposit deadline.
- The required deposit was over $50 million to obtain an exploration license.
- The deadline had been extended twice before by the Canada-Nova Scotia Offshore Energy Regulator.
- The company was approved for a $210 million exploration bid in April.