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Newfoundland and Labrador top province for oil investment

First oil production began at Hibernia 20 years ago today on Nov. 17, 1997.
First oil production began at Hibernia 20 years on Nov. 17, 1997. - Submitted

Noia wants Ottawa to ensure province’s Fraser Institute ranking

The Newfoundland and Labrador Oil and Gas Industries Association (Noia) is calling on the federal government to help maintain Newfoundland and Labrador’s positive placing in the Fraser Institute’s latest survey of most attractive jurisdictions for oil and gas investment.

In an annual global survey of petroleum-sector executives released Tuesday by the Fraser Institute, Newfoundland and Labrador was the top-ranked province, and has moved up from 25th last year to the fourth most attractive jurisdiction worldwide this year.

Noia is asking the federal government to reconsider proposed legislative changes to the environmental assessment process and other regulations that impede timely development of the province’s offshore oil and gas resources.

“Newfoundland and Labrador has world-class resources that are comparable to oil and gas jurisdictions such as Norway, the U.K. and the Gulf of Mexico,” said Andrew Bell, chairman of Noia’s board of directors.

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