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 Nova Scotia’s 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, who is also president of Scotland-based Inceptio UK.
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.
Devin Stevens, The Canadian Press
Correction
This is a corrected article. A previous version incorrectly stated that Inceptio Oil and Gas was based in the U.K. In fact, the company is incorporated in Nova Scotia. While Inceptio Oil and Gas has principal shareholders in common with Inceptio Ltd. and Inceptio UK Ltd., the companies do not have ownership stakes in each another.
