Andrew Parsons took on the energy portfolio in August 2020, about a month before crashing global oil prices prompted Husky Energy — which has since merged with Cenovus — to announce it was considering abandoning its oilfield off the province’s east coast. On Thursday, Cenovus reported 2022 revenue of $11.4-billion — nearly double its revenue for 2021.Sign up to receive daily headline news from Ottawa Citizen, a division of Postmedia Network Inc.
Cenovus got $41.5 million to keep work going on a project that would extend the life of its White Rose oilfield. Suncor was also threatening to stop work to keep its Terra Nova field pumping, so the province gave it $205 million in direct cash and took a royalty cut worth $300 million. Equinor also reported healthy returns for 2022, with a net profit of $28.7 billion, up from $8.6 billion a year earlier. The company is still deciding if it will proceed with Bay du Nord.
“We need to have that clear signal from governments that that’s what the expectation is,” Corkal said.