With a deal on Bay du Nord rumoured to be imminent, the Official Opposition stands ready to support the best deal possible for Newfoundland and Labrador, our oil and gas sector, and our workers.
During the election, the PCs and Trades NL promised that 70% of topside work on the Bay du Nord FPSO would be completed in the province. Will Premier Wakeham keep his word to Newfoundlanders and Labradorians or will he try to sell us something else?
On Saturday, the world was again shaken by major geopolitical events. With significant global uncertainty, conflict affecting millions of people, and market volatility, it is more important than ever to protect our economy and build a resilient future for our province.
As a major player in the energy sector, disruptions to supply and shifting prices have major local implications. With fewer secure sources of oil, prices are now expected to escalate for the foreseeable future.
Given the geopolitical situation in the Middle East, any deal agreed before this past weekend may not fully reflect Newfoundland and Labrador’s increasingly important position as a source of stable, predictable energy on the global market.
Consequently, the Official Opposition is asking whether Premier Wakeham and his government have engaged in new, meaningful discussions with Equinor, and whether revised conditions have been presented in light of our increasing strategic importance.
We urge the government to ensure that it fully accounts for recent global events in its negotiations with Equinor to ensure it delivers the best royalty regime, economic benefit and jobs for this province.
We cannot afford to leave money or jobs on the table.
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