ST. JOHN’S — Newfoundland and Labrador’s finance minister says skyrocketing oil prices are expected to deliver a windfall for the province.
Craig Pardy had previously said he anticipated additional revenues of more than $500 million, as the war in Iran sent crude prices soaring.
But on Wednesday he said that figure is even higher, though he said the public will have to wait until later this fall for specifics.
In the meantime, Premier Tony Wakeham says his government is still considering buying a piece of Equinor’s proposed Bay du Nord offshore oil project.
He told reporters Wednesday that he waiting for word from the Department of Energy and OilCo, the province’s oil and gas company.
The government holds shares in three oil projects off the province’s east coast, and officials said in March it was considering buying up to 10 per cent of Bay du Nord.
Wakeham delivered a state-of-the-province address in St. John’s on Wednesday, which marked one year since his Progressive Conservative Party ended 10 years of Liberal governments in Canada’s easternmost province.
This report by The Canadian Press was first published Oct. 14, 2026
The Canadian Press
