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Company wins rights to explore oil and gas offshore Nova Scotia after $210M bid
A joint federal-provincial regulator says an energy company won the rights to explore for oil and gas in the waters off Nova Scotia.
The Canada-Nova Scotia Offshore Energy Regulator (CNSOER) received two successful bids from Inceptio Oil and Gas Ltd.
The energy company bid more than $210 million on two parcels located on the central Scotian Shelf and Slope.
One parcel, referred to as “Parcel 8,” is located on the Scotian Slope in waters ranging 200 to 4,300 metres deep.
The second parcel, referred to as “Parcel 9,” is on the Scotian Shelf in waters less than 200 metres deep. The shelf parcel is near Sable Island National Park Reserve and west of the Gully Marine Protected Area.
Members of the regulator decided to issue exploration licences to the bidder for activities like seismic testing and drilling, though the ultimate call comes down to a federal and provincial ministerial review and approval process. |Read more|