​N.L. unveils plan for faster, cheaper offshore oil and gas development

ST. JOHN'S, N.L. — Cash-strapped Newfoundland and Labrador has announced a 12-year plan to speed and enhance development of its offshore oil and gas resources.

The province will review regulations and advance tie-back technology to allow more extraction at existing sites with less cost.

The province also wants to enhance subsea and seismic technology to develop what it estimates is an offshore oil potential of at least 37 billion barrels.

By 2030, the province wants to kick-start extraction of its largely untapped natural gas reserves as it counts on increasing global demand.

Four major oil sites now operate off Newfoundland but the collapse of prices starting in 2014 hit the industry hard.

The 12-year plan says the goal is a streamlined process to allow faster oil site development without cutting environmental safeguards.

© 2018 The Canadian Press

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