Statement by the Minister of Natural Resources on the coming into force of a regulation to improve the review process for exploratory drilling in the Canada-Newfoundland and Labrador offshore

“The Newfoundland and Labrador (NL) offshore petroleum sector drives economic prosperity in the province and right across Canada, sustaining thousands of good jobs. The ingenuity and innovation of this industry also make it an important part of our clean growth future. This is why our federal government is so committed to ensuring the industry remains competitive on the global stage.

“The Ministerial Regulation enacted today improves the efficiency of the assessment process for oil and gas exploration drilling projects in an area of the NL offshore and upholds the highest standards of environmental protection.

“With the coming into force of this Regulation, Canada reinforces its status as an internationally competitive place for people to do business in this industry, where investors can count on more predictability and certainty.

“The Regulation upholds robust mitigation measures and strengthens conditions to ensure projects adhere to high standards of environmental protection. This approach will provide investors with the predictability and certainty they have been seeking, while keeping Canada’s offshore sector competitive.

“Today’s announcement is another step toward fulfilling our government’s commitment to grow the economy and protect the environment.

“Our government recognizes that Newfoundland and Labrador’s ability to rebound from the COVID-19 pandemic will depend largely on a strong, resilient and innovative offshore.

“Newfoundlanders and Labradorians are proud of their offshore. The Ministerial Regulation comes at a time when its impacts will mean a great deal to workers and communities in NL, engendering economic prosperity for people here and across Canada.”