Province plans separate oil and gas unit

The government of Newfoundland and Labrador plans to strip oil and gas operations from Nalcor Energy and create a separate provincially owned entity.

The government of Newfoundland and Labrador plans to strip oil and gas operations from Nalcor Energy and create a separate provincially owned entity.

In his 2018 budget speech, Finance Minister Tom Osborne said the stand-alone oil and gas company would “work directly with the Department of Natural Resources to accelerate the growth and opportunity of our petroleum industry.”

Nalcor Energy Oil & Gas holds working interests in fields off the province: 4.9% in Hebron oil field, 5% in the White Rose Growth Project, and 10% in the Hibernia Southern Extension Project.

The parent company generates and transmits electrical power.

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