Government Proceeds with the Next Phase of Oil and Gas Review

Rothschild & Co. will present the province’s portfolio of oil and gas assets to potential buyers as part of phase three of the review of the province’s current offshore oil and gas interests.

This does not mean the government must accept any offers but will enable the government to make an informed decision on whether to proceed to detailed negotiations to sell those assets.

Currently, the focus will be on the province holdings in Hebron, the Hibernia Southern Extension, the White Rose Extension project, and the asset and exploration teams and intellectual property within Oil and Gas Corporation of Newfoundland and Labrador.

The government received the initial report from Rothschild & Co. in April 2022, the first comprehensive review of assets in the province’s history. Government moved ahead with the review of oil and gas assets in March 2023. No similar decisions have been made at this point with respect to any other asset included in the initial Rothschild & Co. review.