Newfoundland Declares 12-Year Push for New Offshore Oil
Declaring that his province “can wait no longer” to amp up its fossil industry, Newfoundland and Labrador Premier Dwight Ball has unveiled a “12-year plan to speed and increase offshore oil and gas development while drawing coveted global investment,” the Financial Post reports.
“We are at a critical point,” Ball said. “The time for action is now.”
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The province “will review regulations, enhance seismic data, and advance cost-saving tie-back technology to extract more from existing sites,” the Post notes, with the goal of doubling daily production to 650,000 barrels by 2030.
For a province with four major offshore oil sites in operation, Ball is aiming for 100 new exploration wells and hoping to shorten the timeline from exploration to recovery to 10 years.
ExxonMobil Canada President Carman Mullins said the announcement would keep Newfoundland and Labrador “on the corporate radar for big-ticket investment,” the Post states.
“Every opportunity needs to be competitive on a global scale,” she said. “Having regulations that provide clarity, as well as are efficient and effective, is key. We need to develop the resources as well as protecting the environment.”