(WO) – Newfoundland and Labrador’s 2026 budget includes new funding aimed at supporting offshore oil and gas development and broader energy sector investment.
The provincial government has allocated $90 million over three years to an Offshore Exploration Fund designed to attract new investment to the region’s offshore sector. Additional funding includes $8.65 million for an Innovation and Business Development Fund to support energy supply and service capabilities.
The budget also outlines support for concept design and strategic planning for a proposed floating drydock, along with funding for a natural gas feasibility and investment study and the development of a 10-year provincial energy plan.
“Nearly 20% of provincial government revenues are derived from offshore oil and gas royalties, illustrating why it is so important to support the sector and attract investment,” said Charlene Johnson, CEO of Energy NL. She added that the exploration fund “has proven results” and could help “bring new interest to our offshore.”
The province also reaffirmed plans to advance major projects, including the Upper Churchill and Gull Island hydroelectric developments.
Industry groups said the measures could help strengthen the region’s position as it prepares for future offshore activity, including projects such as Bay du Nord.
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