Newfoundland and Labrador Premier Tony Wakeham declared Tuesday that the province is returning to the oil business after years of hesitation, pledging to revitalize the offshore industry and seek federal partnership for a major development project.
During a state of the province address to the St. John’s Board of Trade, Wakeham criticized previous administrations for being reluctant to champion the oil and gas sector.
“For too long now, we’ve been dormant and we have been afraid to talk about oil and gas,” he said. “I am proud to say we are back in the oil business.”
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The premier departed for Ottawa later Tuesday to meet with Prime Minister Mark Carney, where he plans to request that Ottawa designate the proposed Bay du Nord offshore oil development as a major project of national interest. Norwegian energy giant Equinor leads the project but has not made a final investment decision.
Wakeham emphasized the province seeks collaboration rather than subsidies from the federal government and the energy industry.
“It’s not about subsidizing, it’s about being a partner,” he told reporters. “We’re going to work with the oil and gas industry, be a partner with them. We want the federal government to be a partner, and that’s exactly how we get this done.”
The premier also requested increased federal defense investments in the province.
Separately, Wakeham announced plans for an independent review of a draft energy agreement with Hydro-Québec that the previous Liberal government negotiated. The Liberals projected the deal would generate approximately $225 billion for the province over 50 years.
Wakeham committed to subjecting any binding agreements to a public referendum and characterized the previous administration’s April 2026 deadline as artificial.
The province’s offshore oil sector extracted nearly 7 million barrels in July 2025, up 5.1% compared to the same month in 2024, according to government data.
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