Newfoundland and Labrador expecting windfall from soaring oil prices

St. John's - Newfoundland and Labrador's finance minister has announced that soaring oil prices are set to bring a significant windfall to the province. Craig Pardy had previously estimated additional revenues of over $500 million, following the sharp increase in crude prices due to the conflict in Iran. However, the minister stated on Wednesday that the exact amount will not be known until later this fall.

Premier Tony Wakeham revealed that his government is still considering investing in Equinor's proposed Bay du Nord offshore oil project. The provincial government currently holds shares in three oil projects located off Newfoundland and Labrador's eastern coast. In March, officials had discussed the possibility of acquiring up to 10% of the Bay du Nord project.

During a state-of-the-province address in St. John's, Wakeham marked a year since his Progressive Conservative Party took control of the province, ending a decade of Liberal rule.