West White Rose Project restarting

The Provincial Government has restructured its agreement with West White Rose partners to facilitate a restart of the project.

The project was restarted earlier today.

The province’s royalty share is improved in a higher commodity price environment. In addition, the province will receive a $200 million Royalty Abandonment credit as well as $100 million to establish a Green Transition Fund.

With the project restarted, it is expected to generate almost $20 billion in gross domestic product and over $7 billion in labour income for the province over the 14-year life of the project.

It will create approximately 250 permanent jobs, as well as create or maintain up to 1,500 more direct and indirect jobs. Employment will begin to ramp up at the Argentia site immediately and increase through 2023.