With millions budgeted for everything from equity investments to offshore seismic work to new training programs, Newfoundland and Labrador’s Liberal government is continuing to bet heavily on the natural resources sector.
And making zero apologies for doing so, amid a clarion call about the dangers of climate change and the burning of fossil fuels. Budget 2019-20 was presented Tuesday in the House of Assembly, laying out a road map for growth in oil and gas, and mining.
Both sectors employ thousands of people and contribute billions to the province’s fragile economy. But these investments won’t come cheap.
One of the big costs will be government’s 10 per cent equity stake in Bay du Nord, with $112 million budgeted for this year as Equinor moves through the process of sanctioning the project.
Equinor is finetuning its plan in order to bring down development costs, but Natural Resources Minister Siobhan Coady told reporters Tuesday she’s “still feeling very confident” the project will go ahead.
For the rest of this article: https://www.cbc.ca/news/canada/newfoundland-labrador/budget-natural-resources-1.5100173