(January 25, 2022) – Lloyd Parrott, PC Official Opposition Shadow Minister of Industry, Energy, and Technology and MHA for Terra Nova, is continuing to advocate for greater support for our offshore industry on the heels of evidence demonstrating the consequences of the lack of Liberal support for our industry.

“Over the past couple of days we have seen evidence that oil and gas investment is leaving this province, likely in part because the Liberals are failing to support the industry,” said Parrott.

“Energy companies have to make decisions about where to spend their investment dollars; we are now seeing that companies are choosing to spend elsewhere. I am disappointed in the Liberals for not doing what was necessary to attract investment here.”

Parrot pointed towards recent statistics from the Canadian Association of Petroleum Producers (CAPP) and recent offshore exploration forfeitures.

“Last week, CAPP estimated that while capital spending in the Canadian industry would rise by 22%, it will remain ‘relatively flat’ in this province. Investment in our provincial industry by oil and gas companies will fall behind that in the country. This is unacceptable and in my opinion is a direct result of the Liberal lack of support for the offshore industry,” outlined Parrott.

“Additionally, last week the C-NLOPB announced that five exploration licenses have expired resulting in a forfeiture of exploration funds over $100 million. The forfeiture of exploration licenses has occurred because companies have chosen not to invest. I have to wonder if this would have happened if the Liberals had been more supportive of our industry and done more to encourage exploration.

“In order to continue providing jobs for our residents and royalties to our province, the offshore industry needs to be supported and encouraged. For far too long the Liberals have failed our industry. Decisions like the most recent cancelation of the seismic program are wrong Liberal decisions. This must change before it is too late,” concluded Parrott.
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David Maher

Director of Strategic Communications

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DavidMaher@gov.nl.ca