U.K. company wins rights to explore for oil and gas in Nova Scotia’s offshore

CITYnews halifax / By The Canadian Press

HALIFAX — A joint federal-provincial regulator says a U.K. company has won the rights to explore for oil and gas in the water off Nova Scotia.

The Canada-Nova Scotia Offshore Energy Regulator says Inceptio Oil and Gas Ltd. has committed $210 million for exploration activities such as seismic testing and drilling.

However, the company will only get an exploration licence after approval from the federal and provincial governments.

And further authorizations will still be required before Inceptio Oil and Gas can actually start seismic testing.

Premier Tim Houston says the successful bid means Nova Scotia is back in the offshore oil and gas business.

Nova Scotia’s once active offshore energy sector vanished after the closure of two major gas fields in 2018.

ExxonMobil’s Sable Offshore Energy Project and Encana’s Deep Panuke Project reflected the industry’s potential in the province, Houston said.

“We proved we can build, operate and responsibly manage offshore energy at scale. That was not the peak. It was a preview,” the premier said in a statement Thursday.

“Across our entire offshore margin, we believe there is the potential for 148 trillion cubic feet of natural gas and 49 billion barrels of oil.”

In 2023, the provincial and federal governments vetoed a winning bid by Inceptio to explore for oil and gas in Nova Scotia’s waters, following a call for bids by the joint energy regulator.

This report by The Canadian Press was first published April 30, 2026.

The Canadian Press