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Only firm approved to explore for N.S. offshore oil and gas misses deposit deadline
Premier Tim Houston said the company could not post the required amount after winning two offshore exploration licences worth about $210 million.
- On Monday, Premier Tim Houston announced that Inceptio Oil and Gas Ltd. missed a deadline to pay a deposit of over $50 million for offshore exploration bids.
- The company, led by Nova Scotian James Edens, won two offshore exploration licences in the spring with bids totaling around $210 million but received two extensions on the deposit deadline.
- Agreements required the deposit 30 days following a successful bid, with the original June 1 deadline extended until late October before Inceptio informed the province it could not meet the requirement.
- Houston described the missed payment as a setback for Nova Scotia's offshore sector, which has seen no activity since the Sable Offshore Energy Project and Deep Panuke Project shut down in 2018.
- Despite the setback, Houston wrote on social media, "Hard things are hard but we will continue laying the groundwork for a stronger, more resilient Nova Scotia that can stand on its own.
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10 Articles
The Toronto Star+8 Reposted by 8 other sources
Only firm approved to explore for N.S. offshore oil and gas misses deposit deadline
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.
·Toronto, Canada
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Coverage Details
Total News Sources10
Leaning Left6Leaning Right1Center2Last UpdatedBias Distribution67% Left
Bias Distribution
- 67% of the sources lean Left
67% Left
L 67%
C 22%
11%
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