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.
