Canadian Manufacturing

Ottawa pitches in $320M to help Nfld. offshore oil sector

The province is creating an oil and gas sector recovery task force

September 25, 2020  The Canadian Press

ST. JOHN’S, Nfld. — The Canadian government is giving $320 million to Newfoundland and Labrador’s struggling offshore oil and gas industry.

Natural Resources Minister Seamus O’Regan made the funding announcement Sept. 25 at a news conference in St. John’s.

Premier Andrew Furey told reporters the province is creating an oil and gas sector recovery task force.

Furey said the task force will focus on supporting the industry and on figuring out how to best spend the $320 million from Ottawa.

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Husky Energy said in a news release the money is “a first step,” but that it won’t keep its $2.2 billion West White Rose project moving.

Husky is looking for government investment in the project and announced earlier this month it was reviewing its operations in the province.