The government of Newfoundland and Labrador is proposing a royalty review for the province’s offshore oil projects. Natural Resources Minister Derrick Dalley says that “ [The provincial government wants] to provide companies — global [oil] companies, not only the existing companies in Newfoundland but others — with certainty [regarding the new royalty regime].”
Between them, the Hibernia, Terra Nova and White Rose offshore oil projects have contributed about $5.5 billion in royalties to the province’s coffers to date. The Hebron oilfield project, which is currently under construction, is projected to produce 700 million barrels of recoverable petroleum, contributing yet more to the province’s economy. The projects have also spurred $17 billion in capital and infrastructure spending, as well as increasing educational and employment opportunities for the province’s citizens.
Let’s ensure that the new Newfoundland royalty regime keeps rates competitive and protects Canadian jobs.
Sign your name if you agree!