Newfoundland and Labrador Premier Danny Williams announced today that his province has reached a deal with industry partners that will see the massive Hebron offshore oil project move ahead.
"Today marks a historic day for Newfoundland and Labrador, as we move into a new era of offshore oil development with unprecedented benefits to the people of our province," he told a press conference in St. John's.
Williams, with a provincial election less than two months away, said that a Memorandum of Understanding (MOU) with industry partners has been reached and will include a $110 million investment by the province.
In return, the province has secured 4.9 per cent equity stake in the project.
The MOU was made after a year-long impasse. It's a frame-work for a final deal that's expected to be signed within a few months.
"Determination and strength of conviction has been our government's guide and today we are proud to present a tremendous agreement for the people of the province, with a fair and reasonable return for our industry partners," said Williams. Source...
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