As the COVID-19 pandemic sent oil prices plummeting to historic lows, e-mails obtained by The Canadian Press show Newfoundland and Labrador was quietly bracing for two of its offshore oil fields to be abandoned by their owners.
Before the pandemic hit in early 2020, shutting down any of the four oil fields pumping off the province’s east coast was a distant consideration. But by May of 2020, e-mails obtained through access to information legislation show government officials were already preparing for Suncorand Husky Energy to walk away from projects that would keep their respective oil fields – Terra Nova and White Rose – operating for years to come.
Energy Minister Andrew Parsons told media in October of 2020 that estimating the decommissioning costs taxpayers would have to swallow was “premature, given the current status of our offshore projects.” But presentation notes from a month earlier said the province would owe Suncor a royalty refund of about $157-million, due in 2025, if Terra Nova shut down.
Cenovus got $41.5-million in December 2020 to keep work going on a project that would extend the life of White Rose, while in June 2021 Suncor was given $205-million in direct cash and the province took a royalty cut worth $300-million to keep work going on Terra Nova. “I think that often, a business that’s on the receiving end of the subsidies, when they’re threatening to walk away, it feels like they’re holding the cards. But in reality, they want the subsidy,” Mabee said. “And they normally don’t want to walk away from long-term investments.”
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Energy Energy Latest News, Energy Energy Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Moldova protesters want energy subsidies, president to quitCHISINAU, Moldova (AP) — Several thousand protesters rallied in Moldova’s capital Sunday to demand that the country’s new pro\u002DWestern government fully cover…
Source: calgaryherald - 🏆 64. / 52 Read more »
CNA introducing two new programs for emerging wind-energy sectorPublically funded trades college joining the hype machine for a private project with dubious merit that isn't even finished environmental review yet. Gotta love this place. DonBradshawNTV It's great that they are training people for the job coming up but not so good if they train alot more than is actually needed.
Source: NTVNewsNL - 🏆 54. / 59 Read more »
'You have to be proactive': Liberals pitch 'just transition' planning for clean energy jobsWhile there\u0027s little new in the plan, it\u0027s the first time Canada\u0027s plans to transition to clean energy jobs has been collected in one place. Liberals are proven to be Communist Chinese Enabled. China's Puppets liberal_party deserve to be mocked. Yet here you are selling their Plans. Liberals see out of touch When have the Liberals ever been proactive? They couldn’t plan their way out of a cardboard box!
Source: nationalpost - 🏆 10. / 80 Read more »
Well-intentioned? Danielle Smith’s new plan hits a nerve in AlbertaPilot project to clean up oil wells taps into province’s cherished energy royalties. It must be a good plan. The Red Star is already whining about it. Again the Liberal rag opens it’s mouth Liberal Pamphlet is a fitting term for the . A ABDanielleSmith hit piece but silence of Trudeau’s acceptance of Communist China’s interference in Cdn elections that sought to benefit himself.
Source: TorontoStar - 🏆 60. / 55 Read more »
Greens energy: Hydroponic tech and some creative thinkers serving up fresh lettuce in Newfoundland and Nova Scotia all winter long | SaltWireTired of grocery store greens from down south that don't last more than a couple of days in your fridge? Two Newfoundland hydroponic farms are doing their part to grow at home all year long. Via BarbDeanSimmons
Source: SaltWire Network - 🏆 45. / 63 Read more »
EDITORIAL: ‘Just transition’ just a plan to have a planHaving spent billions on environmental programs, you would think the feds would have legislation by now for a green energy economy. There is no plan but poverty and despair. The trust fund baby has a plan to destroy Alberta and it won't happen. We not denying anything (that is a meaning of acceptance) But we have right do everything Towards deny accept conception
Source: TheTorontoSun - 🏆 23. / 68 Read more »