5 Reasons to Support Nova Scotia’s Offshore Oil & Gas Sector

Nova Scotia is sitting on one of the largest untapped offshore energy reserves in North America – an estimated 49 billion barrels of oil and 148 trillion cubic feet of natural gas – and Premier Tim Houston is determined to utilize these resources to secure a stronger, more prosperous future for Canada. In April 2026, Nova Scotia relaunched offshore exploration licensing for the first time in nearly a decade, attracting more than $210 million in new investment commitments and signalling clearly that the province is back open for business.

Nova Scotia has done this before, and the results were extraordinary. The Sable Offshore Energy Project (SOEP) operated for 20 years, generated billions in provincial revenues, employed hundreds of Nova Scotians directly, and helped heat homes and power businesses across the Maritimes.

Here are five reasons why Nova Scotians – and all Canadians – should support Premier Houston's push to develop the province's offshore oil and natural gas sector, in note form. Also see:

• Canada is Saying “Yes” to Resource Development. Now Let’s Deliver.
• Offshore Oil & Gas an Irreplaceable Part of Newfoundland’s Economy: REPORT
• Canada’s Offshore Oil & Gas Sector: 15 Facts, History, and More!

#1 – Offshore Oil & Gas Supports Revenues & the Economy

Nova Scotia's offshore sector has already proven its economic power; SOEP alone injected billions of dollars directly into the provincial economy over two decades, supporting businesses and building capabilities that Nova Scotian companies still benefit from today.

• The Sable Offshore Energy Project (SOEP) generated around $3.7 billion in direct payments to Nova Scotia over 20 years, in addition to billions more spent on goods and services across the province, creating new capabilities local businesses now export ^[1]

• For perspective, $4 billion is equivalent to the amount needed to build 125 high schools or 1,250 kilometres of twinned highway ^[1]

• Between 1998 and 2019, SOEP cumulatively spent more than $7.9 billion on expenditures, including nearly $3.3 billion within Nova Scotia and an additional $1.45 billion in other parts of Canada ^[2]

#2 – Offshore Oil & Gas Creates Jobs for Nova Scotians

For two decades, the offshore sector provided hundreds of Nova Scotians with stable, well-paying jobs and invested heavily in training the next generation of energy workers in the province.

• SOEP employed an average of 630 Nova Scotians annually for 20 years

• Between 1998 and 2019, SOEP cumulatively accounted for more than 27 million person-hours of work in Nova Scotia, and an additional 4.3 million person-hours in other parts of Canada ^[2]

• In 2018 alone, Nova Scotians worked 442,022 hours on the Deep Panuke offshore project ^[9]

• Over 20 years, SOEP invested more than $55 million in training and education for Nova Scotians, and placed 698 co-op students from Nova Scotia universities and colleges ^[2]

#3 – Offshore Oil & Gas Provides Energy Security

When Nova Scotia was producing its own offshore natural gas, the province helped fuel and power its own homes, hospitals, and businesses. But since production shut down in 2018, that self-reliance has given way to dependence on imports from other countries.

• SOEP was the largest natural gas supplier for the Maritimes, heating homes, powering hospitals and industry across provincial and U.S. markets; its closure significantly changed regional markets ^[3]

• Since SOEP and Deep Panuke shut down in 2018, the pipeline flow has been reversed – Nova Scotia now imports natural gas rather than producing it ^[3]

• Nova Scotia doesn’t have any crude oil pipelines or crude-by-rail facilities ^[4]

• Since Nova Scotia is not connected to oil pipeline systems and it does not have any refineries, it must import refined petroleum products (RPPs). RPPs are imported from the Irving Refinery in New Brunswick, as well as other countries including the U.S., the Netherlands, and Belgium ^[4]

#4 – Offshore Oil & Gas Supports Local Communities

The benefits of Nova Scotia's offshore sector extended well beyond the drilling rigs – from funding rural internet access to supporting local research, scholarships, and community organizations across the province.

• SOEP, and many contractors and their employees donated time, talent, and money to local initiatives and events, helping strengthen organizations that provide much-needed services and enhance local communities ^[2]

• Some of those included United Way, Run for the Cure, Africville Heritage Trust, Mi’kmaq Regional Science Fair, Strait Regional Science Far, Techsploration, Stan Rogers Folk Festival, and more ^[2]

• SOEP spent $30 million on local research and development ^[2]

• In 2017 alone, $193 million of offshore revenues went directly into a trust to be used to expand high-speed internet access to underserved homes and businesses across Nova Scotia ^[1]

#5 – Canadian Energy is in High Demand

The global market for Canadian oil and natural gas has never been stronger, and Nova Scotia's position directly across the Atlantic from energy-hungry European nations makes it an ideal supplier for the continent.

• SOEP produced a total of 2.1 trillion cubic feet of natural gas from five offshore fields over 20 years ^[5]

• Deep Panuke operated from 2013 to 2018 and produced more than 147 billion cubic feet of natural gas ^[8]

• For years, many European nations, including the EU President Roberta Metsola, have visited Canada, saying there’s a market for “reliable” Canadian oil and gas on the continent ^[6]

• European energy companies are “eyeing” purchases of Canadian liquefied natural gas (LNG) in search of supply diversification amid challenging times, particularly with disruptions to shipping via the Strait of Hormuz that sees 20% of global LNG cargoes transit ^[7]

Offshore Oil & Gas Makes Canada Stronger

Nova Scotia has everything it takes to become one of Canada's great energy provinces – world-class offshore reserves, the industry supply chains and talent, and the will to make it happen. For too long, that potential has sat idle while Nova Scotians paid the price in lost jobs, lost revenues, and lost opportunity.

Supporting Nova Scotia's offshore oil and gas sector means supporting good jobs, stronger communities, and a more prosperous province – and a Canada that is energy-secure, self-reliant, and set up for a bright future ahead.

Click Here to Show Your Support for Nova Scotia's Resource Development

“The premier has positioned the program as a key step in his government’s efforts to increase natural resource development in the province to generate new revenue streams at a time when Nova Scotia is struggling financially, as well as increase energy security.

Those efforts…

— Canada Action (@CanadaAction) May 15, 2026

SOURCES:

_{1 - https://news.novascotia.ca/en/2019/01/03/benefits-sable-will-flow-nova-scotians}

_{2 - https://cdn.cnsoer.ca/sites/default/files/2025-01/soep_2019_cns_benefits_report.pdf}

_{3 - https://www.cer-rec.gc.ca/en/data-analysis/energy-markets/market-snapshots/2019/market-snapshot-end-natural-gas-production-in-maritimes-increases-reliance-imports.html}

_{4 - https://www.cer-rec.gc.ca/en/data-analysis/energy-markets/province-territory-energy-profiles/nova-scotia.html}

_{5 - https://cnsoer.ca/oil-gas-energy/legacy-production-projects/sable-offshore-energy-project}

_{6 - https://www.canadaaction.ca/eu-president-says-europe-is-market-for-canadian-oil-natural-gas}

_{7 - https://finance.yahoo.com/sectors/energy/articles/european-buyers-eye-canadian-lng-081500082.html}

_{8 - https://atlanticbusinessmagazine.ca/article/is-nova-scotias-gas-industry-about-to-go-up-in-smoke/}

_{9 - https://cnsoer.ca/oil-gas-energy/legacy-production-projects/deep-panuke-offshore-gas-project}