Nova Scotia Restarts Offshore Gas Bids After 2023 Veto

Nova Scotia has swung the door back open to offshore natural gas drilling. Last week, the province launched a formal call for bids on parcels southeast of Sable Island, inviting companies to explore reserves once tapped by the Deep Panuke and Sable projects.

“We’re ready to do it again. It’s time to unlock Nova Scotia’s potential,” Premier Tim Houston declared on X, arguing the resource “has the potential to support good-paying jobs while generating revenue to build up Nova Scotia’s economy.”

The new invitation represents an about-face from December 2023, when Halifax and Ottawa jointly vetoed Exploration Licence 2437 after the Canada-Nova Scotia Offshore Petroleum Board had already approved it. At the time, both governments said their decision must “account for broader policy considerations, including our shared commitments to advance clean energy.”

The pivot signals a recalibration of federal provincial priorities. Clean energy ambitions remain intact as Bill C-49 still seeks to expand the board’s mandate to cover offshore wind, but policymakers now appear willing to finance that transition with near-term gas royalties.

Nova Scotia’s two legacy fields generated almost $4 billion in provincial revenues over their lifetimes; even a fraction of that could fund hospitals, schools, and grid upgrades without new taxes.

However, Ottawa’s climate targets and Nova Scotia’s emissions caps will potentially keep a spotlight on any drilling program’s carbon profile so regulatory certainty against today’s tight Atlantic LNG market isn’t still as certain as it could be.


Information for this story was found via the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine

Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet

Related News

NG Energy Receives Permits For Sinu-9, Construction To Commence Immediately

It appears that it is full steam ahead for NG Energy’s (TSXV: GASX) Sinu-9 project...

Friday, September 10, 2021, 08:31:24 AM

Will Permian Basin Quakes Lead To Higher Natural Gas Prices?

Recent heightened seismic activity in the Permian Basin gas producing region could have far-reaching implications...

Wednesday, December 21, 2022, 07:32:00 AM

Oil Prices Soar Above $85 as OPEC Continues to Restrict Global Supply

The price of oil soared to $85 per barrel on Monday, as OPEC members continue...

Tuesday, October 26, 2021, 04:12:00 PM

LNG: Asian Buyers Ink High-Priced Long-Term Deals While Spot Prices Fade

Predicting (or even attempting to understand) liquefied natural gas (LNG) price movements ranks among the...

Tuesday, May 23, 2023, 06:19:00 AM

Natural Gas Prices Have Plummeted In Europe, U.S. Over The Last Three Months

Aside from potentially Bitcoin (if that is a commodity), perhaps no other commodity has displayed...

Saturday, November 19, 2022, 09:00:00 AM