There won’t be any oil and gas exploration or drilling on Georges Bank in the next ten years.
The federal and provincial governments have decided to use the Accord Acts to extend the moratorium until December 31, 2032.
The Accord Acts is the collective name for the The Canada-Nova Scotia Offshore Petroleum Resources Accord Implementation (Nova Scotia) Act and mirror federal legislation.
The acts allows the federal and provincial ministers to jointly prohibit oil and gas activities in Georges Bank for periods of 10 years.
The moratorium was set to expire at the end of this year.
The bank is at the edge of the Atlantic continental shelf between Nova Scotia and Cape Cod.
Georges Bank Moratorium Extended to 2032 https://t.co/GQSuCcKczB pic.twitter.com/NOMWXqZLLf
— Nova Scotia Gov. (@nsgov) April 27, 2022
