St. John’s, NL (June 17, 2025) – Lloyd Parrott, Progressive Conservative Shadow Minister for Industry, Energy and Technology and MHA for Terra Nova, today responded to recent developments regarding the Bay du Nord offshore oil project.

While a final decision on the project’s future has yet to be made, Parrott expressed optimism the development will move forward but emphasized that Newfoundlanders and Labradorians must be the primary beneficiaries of the jobs and economic opportunities that would be created by the megaproject.

“Earlier this month, Equinor announced it may lease a Floating Production Storage and Offloading vessel (FPSO) to produce oil at Bay du Nord,” said Parrott. “I fully support the development moving ahead, but I am concerned that leasing an FPSO instead of building one could mean fewer local jobs. If an FPSO requires building or modification, it’s critical that as much work as possible is done right here in Newfoundland and Labrador.”

Parrott indicated that with Trades NL reporting high levels of unemployment among their membership, it is specifically critical that jobs are created for Newfoundlanders and Labradorians through the Bay du Nord development. 

Parrott stressed that the province’s offshore oil resources belong to Newfoundlanders and Labradorians first and foremost. “The jobs created, the financial benefits, and the community investment must all stay in this province to support local families and businesses and help grow our economy.”

He also criticized the past decade of Liberal government policies for holding back the offshore oil and gas industry.

“The Liberals dragged out the environmental approval process for Bay du Nord far too long and imposed an emissions cap that has only added to regulatory red tape,” said Parrott. “They’ve also failed to maximize the potential of our world-class facilities like Bull Arm and even publicly considered selling off the province’s equity stake in the industry.”

Parrott reaffirmed that a Progressive Conservative government, under Tony Wakeham’s leadership, will always stand up for oil and gas development in Newfoundland and Labrador—reigniting offshore exploration, supporting production growth and, most importantly, maximizing jobs and benefits for Newfoundlanders and Labradorians.