CAPP Statement: Continuing with the Development of the Terra Nova Asset Life Extension Project

June 16, 2021, St. John’s, Newfoundland and Labrador

Today’s agreement in principle to continue with the development of the Asset Life Extension Project, with the intent to move to a sanction decision in the fall is welcome news. If sanctioned, this project will preserve jobs, continue to provide revenues for government through royalties and taxes, and supply responsibly produced energy to the world.

Newfoundland and Labrador’s offshore projects are producing some of the lowest emissions per barrel globally and with global demand for energy continuing to increase, the province has a significant potential to grow its oil and natural gas industry.  However, the focus must be on improving competitiveness of Canada’s offshore industry if the province is to realize its full potential. It is critical that Newfoundland and Labrador and Canada move immediately to implement key recommendations outlined in the NL Oil and Gas Recovery Task Force Report with a vision of improving industry competitiveness.

–  Paul Barnes, Director, Atlantic Canada & Arctic