Proposed $210 million project misses deposit deadline
A $210 million offshore oil project has missed the deadline to put down a $50 million deposit, leaving the future of the project unclear.
Premier Tim Houston took to social media to make the announcement, saying “there is no question this is a setback.”
Earlier this year, Nova Scotian-led company Inceptio Oil and Gas Limited was selected for two exploration parcels, with planned work and expenditures totalling more than $210 million.
Houston called the investment a “massive first step” for renewed offshore oil and gas industry in Nova Scotia.
At first, the company had 30 days to put down the $50 million deposit. The deadline was later moved to August, then again to Oct. 26.
Now, according to the premier, the company has informed him they will be unable to meet the latest deadline to put down the deposit.
Houston says his government will continue efforts to explore offshore petroleum opportunities developed responsibly.
“Our past success in the sector – the Deep Panuke Offshore Gas Project and Sable Offshore Energy Project – saw hundreds of Nova Scotian families employed right here at home,” said Houston.” (The projects) brought in billions of dollars that helped build schools, hospitals and roads and fuelled the provincial economy.”
The premier went on to say he’s confident that Nova Scotia can see a similar positive impact in the future.
