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Newfoundland and Labrador oil and natural gas growth plan

Newfoundland and Labrador has released a plan to grow their offshore oil and gas industry through improved competitiveness.

The Government of Newfoundland and Labrador has released: The Way Forward: A Plan for Growth in the Newfoundland and Labrador Oil and Gas Industry. The document outlines opportunities and challenges facing the oil and natural gas industry, and the government’s vision to achieve significant growth by 2030. Its goal is to position Newfoundland and Labrador globally as a preferred location for oil and gas innovation.

The plan identifies the need to address issues impacting industry competitiveness, including regulatory uncertainty and increased costs associated with proposed regulatory changes. It states the need for: “A competitive, global position built on a modern and efficient governance structure, including an efficient regulatory process, attractive fiscal policy, optimal infrastructure planning, and a collaborative approach where stakeholders work together to maximize value.”

“Canada is falling behind other countries in attracting oil and natural gas investment to create jobs and prosperity for Canadians,” states CAPP spokesperson, Chelsie Klassen. “We are pleased to see the Government of Newfoundland and Labrador take real steps to attract investment, create jobs and build prosperity in the province.” Read the plan.