Canada Gives $238 Million to Newfoundland and Labrador’s Offshore Oil and Gas Industry

In November 2017, ExxonMobil’s Hebron project off Newfoundland, Canada’s easternmost province, became the country’s first new producing offshore oil project in 12 years. . Photo: Hebron Project

The Government of Canada will provide CAD $320 million (USD $238 million) to support offshore oil and gas industry jobs in Newfoundland and Labrador amid the slump in the oil market.

The funds were promised by Natural Resources Minister Seamus O’Regan on Friday who said the money would be used for safety improvements, maintenance and upgrades of existing offshore infrastructure, environmental services and clean technology, according to Canada’s CBC.

A task force will be set up to decide how the funds will be allocated.

Minister O’Regan said the money is offered with no strings attached and will come from Ottawa’s portion of royalties from the province’s Hibernia oil field, one of four producing fields off the coast of Newfoundland and Labrador.

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