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Commodity Pricing

NL Joins Call for Federal Support of Local Oil and Gas During Industry “Crisis”

The provincial government is joining a united front seeking help from the federal government to support local oil and gas in what is being termed an industry “crisis.”

Natural Resources Minister Siobhan Coady and Premier Dwight Ball were joined by a host of industry players in making the announcement this afternoon.

The downturn in the industry caused by foreign overproduction and a dramatic drop in demand due to the global pandemic, could represent a loss of $61-billion to the provincial GDP between now and 2038.

Premier Dwight Ball says the import of foreign oil is not an option and with the offshore supplying light sweet crude—a cleaner type of oil—investment in the local industry is essential.

Noia CEO Charlene Johnson says the impact on the local industry cannot be understated.

The province has joined with the Council of Atlantic Premiers in correspondence with the federal government to ensure continued investment and opportunity for the local oil and gas industry.

Premier Dwight Ball wrote a letter to Prime Minister Justin Trudeau, detailing the province’s call. Meanwhile, the Atlantic Council of Premiers also wrote a joint letter to the Prime Minister.

Source: VOCM News | This text was excerpted from the media outlet cited on May 26, 2020 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.