The following statement was read in the House of Assembly today by the Honourable Andrew Parsons, Minister of Industry, Energy and Technology:

Speaker, I am pleased today to inform members of this House of Assembly and residents of the province that Cenovus and the project partners have announced the restart of the West White Rose Project.

This is great news for Newfoundland and Labrador. This project will generate and maintain up to 1,500 more direct and indirect jobs during construction and create roughly 250 new permanent platform jobs. Speaker, I am very pleased to reveal that employment at the Argentia site will ramp up immediately, and increase through next year.

Speaker, as we look to the future, we have to acknowledge the important role that oil and gas projects, like West White Rose, continue to play. Over its 14-year life span, this project is expected to generate nearly $20 billion in gross domestic product, and over $7 billion in labour income for the province.

The revised fiscal agreement will bring the province increased royalties if the price of oil is over $65 US per barrel, with first oil expected in 2026.

As a government, we have a responsibility to the industry, to the province and to residents to plan for the future. Through this revised agreement, the province obtained a $200 million royalty abandonment credit against de-commissioning costs, and $100 million to establish a Green Transition Fund to support the energy transition and other renewable initiatives.

Speaker, we will continue to foster an environment that supports our economy by embracing renewable energy, while maximizing our low-carbon oil and gas advantage.

Re-starting the West White Rose Project is a great decision, and I thank the project partners for their role in this agreement. Today is a great day for the province and those who work in this industry. Thank you.