CAPP Statement: Terra Nova Asset Life Extension Project Moves Forward
September 10, 2021, St. John’s, Newfoundland and Labrador
The Canadian Association of Petroleum Producers (CAPP) welcomes the news the Terra Nova Asset Life Extension project will move forward. This is a critical project for Newfoundland and Labrador’s economy that can help drive the region’s recovery by putting people back to work, creating investment and economic growth while generating government revenues through taxes and royalties.
Newfoundland and Labrador’s offshore projects are producing some of the lowest emissions per barrel globally and its industry is part of the solution to a lower carbon energy future as well as to the long-term diversification of NL’s economy. Oil and natural gas will continue to be an important part of the world’s energy mix for the foreseeable future. Supplying affordable, reliable and cleaner energy to a growing global population will continue to be the goal of Canada’s energy industry.
– Paul Barnes, Director, Atlantic Canada & Arctic