N.S. premier not concerned about offshore petroleum bidder’s financial extension

Nova Scotia's premier says he’s not concerned a company looking to explore for oil and gas off the coast is asking for more time to meet a financial deadline.

Nova Scotia Premier Tim Houston said he’s not concerned the lone company looking to explore for oil and gas off the coast is asking for more time to meet a key financial deadline.

The province and federal government have given a two-month extension to Inceptio Oil and Gas to put a $52 million deposit down on two parcels located off the coast of Nova Scotia.

It’s tied to Inceptio’s $210 million bid to explore for oil and gas in the Atlantic Ocean, which required the company to submit work deposits of $2,516,250 for “Parcel 8” and $50,016,250 for “Parcel 9” by June 1, but that’s been extended until Aug. 5.

Houston says the company asked for more time and he’s not worried, insisting it’s part of reviving a sector that was thought to be outlawed for good.

“I don’t think there’s any reason for concern,” Houston told reporters following a cabinet meeting with ministers. “It’s all part of where we’re coming from and where we’re going to.

“We had an industry that was shut down in Canada for quite some time,” said Houston.

“So, I think through this process, we’ve been trying to build confidence that we’re serious about moving forward.”

Houston said the province and the company are working through the regulation process and this extension request is part of that negotiation process.

“They’re a good company with good people,” said Houston. “They care about what happens out there. They’re interested in the resources.”

Houston is focussed on attracting companies to the province to explore for oil and gas both on and offshore and says there’s many people watching what happens here.

“I think it’s really good, actually, we see Newfoundland pushing as well,” said Houston. “It’s good for the Atlantic region.”

Houston said there’s a “credibility gap” to get over with the industry and show that his government is serious about oil and gas development.

“We have the resource and we have the desire,” said Houston.

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