Premier Remaining Tight-Lipped About Offshore Negotiations – VOCM

Premier Andrew Furey is expecting some kind of an update on the provinces beleaguered offshore industry from federal officials in the coming days.

Furey is saying little about what the oil producers are asking of the provincial government in order to ensure continued exploration in the offshore.

The industry represents billions of dollars in revenue to the province through royalties, taxes, and employment.

Indications are that Husky was seeking over $2-billion from the provincial government for an equity stake in the West White Rose Project.

Premier Furey would not confirm the numbers but says what the company was seeking was out of the provinces reach.

He says the province does not have the fiscal capacity to take a gigantic equity stake in an oil and gas project at this time. He assures, however, that they are continuing to look for options.

In the meantime, Furey says federal Natural Resources Minister Seamus ORegan is working diligently on options available.

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Premier Remaining Tight-Lipped About Offshore Negotiations - VOCM