Energy NL Statement On Budget 2025

The following statement was issued today by Energy NL CEO Charlene Johnson in response to Budget 2025.

“The priority request of Energy NL for Budget 2025 was the continuation with modifications of the Offshore Exploration Initiative and this year’s budget has allocated $90 million over three years for offshore exploration. This is extremely positive support for the offshore oil and gas industry. The funding will attract offshore exploration and have a return on investment by creating significant opportunities for Energy NL members in the supply and service sector and resulting in substantial economic spinoffs for Newfoundland and Labrador.

As Canada and the world look to secure their energy supply and source lower carbon oil, exploration offshore Newfoundland and Labrador can help meet both these needs while providing substantive benefits to the province. Should an exploration program prove successful, the economic benefits to the province would be substantial in terms of employment, royalties, and revenues, with every resident of the province positively impacted.

As we compete in a tight exploration market, this funding initiative will make our jurisdiction more attractive and will move us further up the list for companies planning 2026 exploration programs; this helps lower the above ground risk for our world-class resource. The type of support provided to the offshore today by the Government of Newfoundland and Labrador is welcomed by our industry and I look forward to working with the province as we continue to make our jurisdiction more attractive for investment and exploration.

We were also pleased to see funds allocated for phase two of the natural gas resource assessment so we can better understand the potential of this energy source in the Jeanne d’Arc Basin. There are also additional funding programs to support energy supply and service capabilities and to help lower capital costs. These are positive steps forward for the Newfoundland and Labrador energy industry.”

Energy NL represents approximately 500 member organizations worldwide which are involved in the energy sector. Members are active in all areas of the supply and service sector and include a diverse representation of businesses that range from offshore supply vessels and helicopters, carbon reduction and sustainable technologies, health and safety equipment and training, engineering solutions and fabricators to law firms and human resource agencies.

About Energy NL
Energy NL was founded in 1977 to represent the supply and service sector of the energy industry. Today Energy NL represents over 500 member organizations worldwide which are involved in, or benefit from, the energy industry of Newfoundland and Labrador.