(St. John’s, NL – December 2, 2024) Energy NL fully supports the statement today of Premier Andrew Furey which maintains the federal emissions cap regulations must respect the Atlantic Accord and the principle of joint management. Energy NL agrees that the Government of Canada must respect the Atlantic Accord.
The following statement was issued by Energy NL CEO Charlene Johnson.
“The Atlantic Accord is foundational legislation for the Newfoundland and Labrador offshore oil and gas industry. While treating offshore oil and gas resources as if they were onshore, the Atlantic Accord also importantly established the principle of joint management of the offshore oil and gas sector and enshrined in legislation that the Government of Canada cannot act unilaterally in decisions related to the sector and must have concurrence of the Government of Newfoundland and Labrador.
Energy NL has grave concerns about the emissions cap regulations and the impact they will have on our offshore oil and gas sector. The regulations could impact production and limit growth of our lower carbon offshore. Further, the regulations are convoluted and add another layer of uncertainty to an already complex regulatory process. A regulatory regime such as this does not attract investment, and instead turns investment away at a time when our lower carbon oil has a global advantage.
Energy NL supports actions to reduce carbon emissions and achieve net zero and our members are already leaders in this area through significant emissions reductions offshore in recent years. The Newfoundland and Labrador offshore oil and gas industry accounts for just 0.18% of Canada’s total greenhouse emissions and our lower carbon oil should be produced to support global demand for oil as we seek emissions reduction and lower carbon energy globally. Newfoundland and Labrador’s offshore oil is part of the energy solution and must be supported, not capped or cut.
We join Premier Furey in requesting that the spirit and intent of the Atlantic Accord be respected and ask Prime Minister Justin Trudeau to believe in the Atlantic Accord, believe in our lower carbon offshore oil industry, and believe in Newfoundland and Labrador.”
Energy NL represents over 500 member organizations worldwide which are involved in the energy sector. Members are active in all areas of the supply and service sector and include a diverse representation of businesses that range from offshore supply vessels and helicopters, carbon reduction and sustainable technologies, health and safety equipment and training, engineering solutions and fabricators to law firms and human resource agencies.
