The following statement was read in the House of Assembly today by the Honourable Tony Wakeham, Premier of Newfoundland and Labrador:

Speaker, I was pleased to participate in a historic announcement last evening – one that marks a turning point in our province’s economic future.

Our government has signed agreements with Equinor and BP on life-of-field benefits, royalties, and an equity option for the Bay du Nord project. This deal secures a path forward that delivers long-term value, strengthens local employment, and ensures the benefits of this project remain here in Newfoundland and Labrador.

The agreement exceeds what was negotiated in 2018 and will provide up to $6.4 billion in direct revenue in the first phase of the project.

Importantly, this is the first life-of-field benefits agreement for an offshore project in our province. It ensures a sustained focus on benefits not just during development, but throughout the entire life of the project. Over the next 25 years, the project is expected to generate more than 31 million person-hours of work, including the fabrication of a minimum of 95 per cent of subsea components here in Newfoundland and Labrador.

For the first time, the agreement also includes targets for the employment of skilled trades apprentices, creating real opportunities for the next generation of workers.

The agreement also includes $200 million in fabrication funding to support long-term trades jobs and expand our province’s offshore and maritime fabrication capacity, including work toward a large floating drydock at Bull Arm.

Speaker, Bay du Nord represents an investment in our workforce, our communities, and the continued growth of Newfoundland and Labrador’s offshore energy sector. I want to thank the supporters of the project who have joined us today in the gallery, including TradesNL, Energy NL, and the Canadian Association of Petroleum producers.

Speaker, we are back in the oil and gas business.