The Government of Newfoundland and Labrador is proceeding with Phase III of the review of the province’s current offshore oil and gas interests. Specific focus will be on the province’s 4.9 per cent equity position in Hebron, 8.7 per cent equity position in the Hibernia Southern Extension, five per cent equity position in the White Rose Extension project, and the asset and exploration teams and intellectual property within Oil and Gas Corporation of Newfoundland and Labrador.

As part of this phase, Rothschild & Co. will present the province’s portfolio of oil and gas assets to potential buyers. This exercise does not bind government to any subsequent action but enables an informed decision on whether to proceed to detailed negotiations to sell those assets. No new contract with Rothschild & Co. is required.

Government received the initial (Phase I) report by Rothschild & Co. in April 2022, which was the first comprehensive review of assets in the province’s history. Government moved ahead with the review of oil and gas assets (Phase II) in March 2023. No similar decisions have been made at this point with respect to any other asset included in the initial 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.

Quotes
“The province’s oil and gas assets continue to have market value globally. During this phase of the review, we will be presenting our portfolio to a broad range of potential buyers and then deciding on next steps which may include negotiating with the most credible groups.”
Honourable Siobhan Coady
Deputy Premier and Minister of Finance

“Our government will always be guided by the overarching goal of ensuring the greatest long-term benefits for our residents. We remain focused on maximizing the opportunities from our non-renewable and renewable energy sectors.”
Honourable Andrew Parsons, KC
Minister of Industry, Energy and Technology

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Learn more
Provincial Government Moves Ahead with Review of Oil and Gas Assets

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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