A more than $210 million offshore oil and gas exploration bid is being described as a major step toward renewed activity in Nova Scotia’s offshore sector.

The Canada-Nova Scotia Offshore Energy Regulator confirmed a single company has been selected for two exploration parcels under its latest call for bids, with planned work expenditures totalling more than $210 million.

The bids were submitted by Inceptio Oil and Gas Limited, led by Nova Scotia-born CEO James Edens, and cover two areas on the Scotian Shelf and Slope. No bids were received for the other 11 parcels offered.

‘A massive first step’

Premier Tim Houston says the announcement represents a meaningful shift after years of limited offshore activity.

“It means that there’s a company… committed to spend that amount of money… in exploring and ultimately hopefully developing offshore oil and gas in Nova Scotia,” he said.

Houston says the fact the company is led by a Nova Scotian adds to the significance of the investment.

He says the funding will go toward early exploration work such as seismic analysis and offshore testing to determine what resources may be present, while also signalling to the global industry that the province is once again being considered for offshore development.

“It’s a first step for sure, but it’s a massive, massive first step,” he added.

Approvals and next steps

Before any exploration work can begin, the project must still go through federal approvals, along with environmental assessments and regulatory checks.

The regulator says any future activity would require project-specific environmental or impact assessments, with safety and environmental protection remaining key considerations throughout the process.

Economic impact and future interest

Houston says offshore development has the potential to generate jobs and government revenue, particularly in coastal communities tied to the energy sector.

“We need a bigger pie… if there’s more economic activity… we can do more for Nova Scotians,” he said.

He also pointed to the province’s offshore potential, saying there are still significant untapped resources that could be developed if exploration proves successful.

The premier suggested more interest could follow in future calls for bids, noting companies around the world are watching how the current project unfolds.

If approvals are granted, the exploration licences would allow early-stage work such as seismic testing to begin as part of determining whether commercial development is viable.