NEWFOUNDLAND OIL
February 1st, 2005
BY MONICA DOBIE
A DEAL has been struck between Canada and its easternmost province Newfoundland & Labrador over its offshore oil proceeds, ending a bitter dispute that saw provincial government hauling the Canadian flag off public buildings. The province will receive 100% of its oil revenues, or roughly CDN$2 billion, over eight years without losing existing development subsidies, with an optional to extend the agreement by eight more years.
A DEAL has been struck between Canada and its easternmost province Newfoundland & Labrador over its offshore oil proceeds, ending a bitter dispute that saw provincial government hauling the Canadian flag off public buildings. The province will receive 100% of its oil revenues, or roughly CDN$2 billion, over eight years without losing existing development subsidies, with an optional to extend the agreement by eight more years.
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