Nova Scotia Premier Tim Houston said there are other things that keep him up at night, but giving a second extensions for a major oil and gas company to pay its financial deposit isn’t one of them. Inceptio Oil and Gas, a Nova Scotia-based company, is looking to be the first to revive oil and gas exploration off the coast of the province, but they need more time to come up with the finances required to meet the demands of the bid. Houston told reporters Thursday he’s not concerned that the company with an office in Halifax has requested a second extension to meet financial requirements. In April, Inceptio won two bids to explore and drill for petroleum at two locations off the coast of Nova Scotia. Those winning bids came with a $210-million price tag. Houston tried to downplay any concern around the extension, saying he’s confident the company will be successful in their work and understands investors with the company are only doing their due diligence. “It’s a process,” said Houston. “They weren’t able to meet the process on the initial timeline. We’re open minded about that because the important thing is the process, not the timeline.” Inceptio is led by founder and CEO James Edens, who is a Nova Scotian and brings more than 35 years of international oil and gas experience. Energy Minister Marco MacLeod said Inceptio approached the province looking for more time to work their investors and he ultimately helped grant the extension along with the federal government. “I’m optimistic,” said MacLeod of the possibilities. “The resource out there is real.” The province has been pursuing resource development head as an economic driver to bring in more revenue, and MacLeod, who recently replaced Houston as energy minister, said this is somewhat new territory. “We’re trying to work with companies and let the world know we’re open for business,” said MacLeod. The province is aiming to put out another call for bids before the end of the year to see if there are other companies interested in exploring oil and gas offshore. For more Nova Scotia news, visit our dedicated provincial page
