Future of Terra Nova FPSO in jeopardy

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Future of Terra Nova FPSO in jeopardy due to Liberal inaction: Parrott
Parrott says time is ticking for the Terra Nova FPSO and the Liberal government has failed to secure a deal to maintain the project.
Thursday, May 27, 2021

(May 27, 2021) – Lloyd Parrott, PC Opposition Shadow Minister of Industry, Energy, and Technology and MHA for Terra Nova, says time is ticking for the Terra Nova FPSO and the Liberal government has failed to secure a deal to maintain the project.

According to a report in allNewfoundlandLabrador, unless all industry partners can agree to continue the project, it will be abandoned within the next three weeks.

“It’s clear the Liberals have not done enough to facilitate these discussions and guide the parties to a path that ensures jobs for Newfoundlanders and Labradorians The $175 million agreement announced the day before the election has expired without results,” said Parrott.

“To let these jobs vanish at this moment of economic crisis is just not acceptable. There is a pathway to an agreement here and the Liberals have failed to get there to date.”

The Premier’s own report on the economic future of this province slammed the federal and provincial governments for not supporting the oil and gas industry in Newfoundland and Labrador, stating the window for investment in the offshore is narrowed to as little as ten years:

“If development in the province does not happen within these time lines, considerable wealth will be stranded, hindering the province’s ability to improve its fiscal situation and limiting its ability to fund a transition to a green economy,” reads the PERT report, page 89.

Parrott says every effort must be made to salvage the project and help get Newfoundlanders and Labradorians back to work.

“If oil and gas royalties decline, it means government has to raise taxes further or find even deeper cuts than are recommended by Moya Greene. The Terra Nova project is key to ensuring a good future for the economy of our province,” said Parrott.

“We’re talking about almost 900 jobs directly associated with the project. That’s hundreds of families who rely on this project to maintain a life here in Newfoundland and Labrador. More than that, the spin-off employment and business loss will ripple throughout the economy. A failure on Terra Nova is a failure for the entire province.”

David Maher

Director of Strategic Communications

(cell) 709-725-0984



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