HALIFAX – 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 U.K.-based Inceptio Oil and Gas would not be able to put $50 million down as required.
In April, regulators approved a $210-million exploration bid from the company, led by Nova Scotian James Edens. Inceptio still required an exploration licence before it could begin activities such as seismic testing and drilling.
Houston says the lack of deposit is a setback, but the province remains committed to developing its offshore resources.
There’s been no activity in Nova Scotia’s offshore fossil fuel sector since the Sable and Deep Panuke gas projects shut down in 2018.
“Hard things are hard but we will continue laying the groundwork for a stronger, more resilient Nova Scotia that can stand on its own and meet the challenges of tomorrow,” Houston said on social media.
This report by The Canadian Press was first published Oct. 27, 2026.