The oil and gas industry has always had its challenges. This is especially so in Newfoundland and Labrador (NL), where the high costs and high risk of its formidable climate combined with the remoteness of its offshore basins, make it a tougher sell to many investors.
The offshore oil and gas industry has also been struggling in recent years due to a long list of policy and regulatory changes that have added significant cost and uncertainty to investment opportunities. While the industry struggles to deal with these changes, even more changes are anticipated.
Newfoundland and Labrador’s ability to compete for investment may be permanently compromised if governments, regulators, the supply & service community and other players do not work together to try to find a way to improve NL’s competitive position.
CAPP is calling on all parties to work to improve the oil and gas investment climate in the province to ensure that the oil and gas industry can compete with other leading producers on a global scale, not just today but for years to come.