NL government to double oil production, source natural gas by 2030

The government of Newfoundland and Labrador (NL) has released its new Advance 2030 plan whereby it will look to significantly expand the regional oil and gas industry by working closely with key industry players.

The plan was released by NL Premier, Dwight Ball; Minister of Natural Resources, Siobhan Coady; and members of the Oil and Gas Industry Development Council.

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“Our government is committed to working collaboratively to ensure responsible development of our oil and gas industry,” said Ball. “The time is now to action Advance 2030 to grow the industry for the benefit of Newfoundlanders and Labradorians.”

The NL government has accepted 17 key initiatives suggested by the council that combined will aim to achieve its goals for the industry by 2030.

These goals include doubling current levels of offshore oil production by reducing the development time of both new and existing projects, whilst also setting the groundwork for the creation of a regional natural gas industry.

“Newfoundland and Labrador has tremendous opportunity in offshore oil and gas,” said Coady. “By focusing on our competitiveness, driving exploration, ensuring innovation and working together we will achieve the vision we all want of a thriving, growing oil and gas industry.”