The Government of Newfoundland and Labrador is proceeding with Phase II of the review regarding the province’s current offshore oil and gas interests. Specific focus will be on its 4.9 per cent equity position in Hebron, 8.7 per cent equity position in the Hibernia Southern Extension, and five per cent equity position in White Rose Extension project.

Government received the initial (Phase I) report by Rothschild & Co. in spring 2022. While Phase I was about studying transaction options and valuations, Phase II is about taking the deep dive required to understand and verify every aspect of a potential transaction. Rothschild & Co. will lead the process, and any additional work related to legal, regulatory, tax and accounting requirements will be contracted as necessary.

No similar decisions have been made at this point with respect to any other asset included in the Rothschild & Co. review.

Government continues to consider how to structure the province’s asset portfolio to ensure sound fiscal stewardship for taxpayers, deliver modern, high-quality services to residents and respect the valued work done by public sector employees.

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“As we look to the province’s future, it is reasonable to look at the assets of the province and determine their potential. That is why we have decided to proceed with Phase II of the review of the province’s offshore oil and gas assets. It is important to note that no decisions regarding any of the province’s assets have been made at this time.”
Honourable Siobhan Coady
Deputy Premier and Minister of Finance

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Learn more
Provincial Government Receives Review of Province’s Asset Portfolio from Rothschild & Co.

Provincial Government Engages Outside Firm to Undertake Review of Provincial Assets

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