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Newfoundland & Labrador Equity Stake in Offshore Oil Has Proven Profitable
Thanks to former Premier Danny Williams, Newfoundland & Labrador has a state owned oil company. Williams wanted his province not only to benefit from the royalties from offshore oil but to have the benefit of ownership as well. This led to the creation of the Oil & Gas Corporation of Newfoundland & Labrador (OilCoNL), the crown corporation that holds equity in three major oil fields, Hebron, White Rose and Hibernia. The company originally began as a division of Nalcor before becoming a crown corporation in 2019.
Our podcast this week features a very interesting conversation with Jim Keating…
The skinny
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