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Is Canada’s offshore competitive enough?

A comparison between Newfoundland and Labrador and Norway suggests Canada’s regulatory system could be streamlined.

Norway has an offshore resource potential comparable to Canada’s. Norway has more than 80 operating fields, having refined new systems and practices to speed up projects, without risking the safety of their workers or the environments they develop. This compares to just four in Newfoundland and Labrador. Since 1960, Norway’s average development cycle, from discovery to first oil, is 13 years. How can Newfoundland and Labrador contend when its average development cycle is 24 years?  

Photo: Offshore rig near Tromso, Norway.