Canada, Nova Scotia launch offshore licensing round as basin opens for oil, gas investment

(WO) - Canada and Nova Scotia are advancing a coordinated push to expand offshore oil and gas development, launching a new licensing round and signaling a sustained reopening of the province’s offshore basin to exploration investment. 

The Canada–Nova Scotia Offshore Energy Regulator (CNSOER) has issued a call for bids covering 13 parcels in the Sable Island area and adjacent slope, with submissions due April 28, 2026. Officials said the round marks the first in a planned series of offerings designed to establish a predictable, long-term exploration framework.

Premier Tim Houston emphasized the province’s readiness to attract investment, stating that “Nova Scotia is open for business,” with both levels of government aligned to provide the policy certainty and regulatory clarity needed for large-scale offshore projects.

Nova Scotia’s offshore is estimated to contain between 47 Tcf and 148 Tcf of natural gas and 19 Bbbl to 49 Bbbl of oil in place, positioning the basin as one of the most significant undeveloped opportunities in the North Atlantic.

Houston also highlighted the importance of coordination between federal and provincial governments, noting that the two are “fully aligned and working in lockstep” to create a competitive offshore energy sector capable of supporting long-term growth.

Authorities are advancing a regional assessment process, expected to be completed in late 2026, aimed at streamlining environmental approvals and reducing duplication—key steps in improving project timelines and investment confidence.

With a structured bid schedule and increasing policy alignment, officials are signaling a sustained period of offshore activity, as Nova Scotia seeks to position itself as a strategic energy hub serving domestic and international markets.