Introduction Noia would like to once again thank the Regional Assessment Committee (the Committee) for the work they have undertaken to complete the Regional Assessment of Offshore Oil and Gas Exploratory Drilling East of Newfoundland and Labrador. Extensive consultation and diligent work were completed by the Committee and its support staff and that must be […]
The province’s offshore industry is reeling as oil prices plummet due to COVID-19, so the families and businesses most affected are hoping to get the attention of provincial and federal officials. The chair of Noia’s Board of Directors and Chief Operating Officer of Atlantic XL, Karen Winsor, says a recent survey showed 52 per cent […]
Noia, CAPP seek federal incentives for offshore amid plummeting oil prices, pandemic “We are in crisis mode, and we need help yesterday.” That’s what Newfoundland and Labrador Oil and Gas Industries Association (NOIA) CEO Charlene Johnson said when asked what she’s hearing from the association’s over 500 member companies. In a survey of NOIA members […]
Newfoundland and Labrador’s offshore oil & gas industry is facing an unprecedented crisis. To discuss the impact and possible solutions to help our industry, Noia is hosting a Virtual Town Hall that will feature a panel discussion and a Q&A for members. Seamus O’Regan, Minister of Natural Resources Canada, and Siobhan Coady, Minister of Natural […]
Coronavirus and crashed oil prices have had an effect on the province’s activity, but operators continue to try to press forward on a number of projects What a time to be an operator anywhere in the world, including those working offshore Newfoundland and Labrador (NL), Canada. The global Coronavirus pandemic has teamed up with extremely […]
Husky says re-start of construction ‘undetermined at this time’ Husky Energy has confirmed that construction on the West White Rose project will not resume this year. That means hundreds of construction workers have been cast into limbo, as well as another setback for Newfoundland and Labrador’s beleaguered oil industry. Calgary-based Husky began demobilizing two large const
West Texas Intermediate was trading below zero in futures trading yesterday for the first time in history, but that could prove beneficial for the province’s offshore oil industry in the long run. The collapse in fuel consumption caused by measures in place to control the spread of COVID-19 has resulted in a lack of storage […]
The following text was excerpted from the media outlet cited on April 18, 2020 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia. From CBC News With its debt already at record levels, Newfoundland and Labrador is in dire straits amid COVID-19 […]
(OTTAWA) Canada will invest around $2.5 billion in measures to help the hard-hit oil and gas industry and is working to ensure vulnerable firms have access to more credit, Prime Minister Justin Trudeau said on Friday. Canadian energy companies have urged Ottawa to free up credit and cash to help them cope with the coronavirus […]
TORONTO (Reuters) – Canadian banks are beginning to relax lending standards for energy firms struggling to operate with oil prices at half the level needed to cover costs, seeking to keep them afloat until the industry recovers from its deepest slump ever. Banks are extending credit and waiving covenants for some energy companies to avoid […]
