Province tells Nalcor to spend on seismic data

From The Telegram
The following text was excerpted from the media outlet cited on April 19, 2018 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.

Cabinet directs $20-million expenditure on budget day

Nalcor Energy wasn’t planning to spend money on new seismic data collection for oil and gas exploration off Newfoundland and Labrador this year.

The Liberal cabinet stepped in, ordering a $20-million change in plans.

“Nalcor’s board of directors made a decision not to invest in exploration in 2018. Considering Advance 2030, support from the oil and gas community for the exploration program, and to provide required information to investors for future license rounds, government directed Nalcor’s board of directors to reinstate and invest $20 million in new data collection this year,” said Natural Resources Minister Siobhan Coady, in an emailed response to questions this week.

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