With Husky Energy on the hunt for government bailouts for its C$2.2-billion West White Rose project off the Newfoundland coast, the provincial government is making it clear it doesn’t have any spare cash available to help the Calgary-based fossil out.
Husky announced a review of the project last week, after putting expansion plans on hold when the COVID-19 pandemic hit in March. Senior Vice President Janet Annesley, a former chief of staff to then-federal natural resources minister Jim Carr, said the company had been pushing federal and provincial governments for “several months” to invest taxpayers’ dollars in the project. But “as a company, we have made it a priority to protect our balance sheet and preserve liquidity, which means it’s impossible to—on our own—fund the project to completion.”
On Tuesday, less than a week after Husky’s announcement and just eight days before the highly-anticipated federal Speech from the Throne, Newfoundland and Labrador Premier Andrew Furey made it clear his minority Liberal government wouldn’t be coming to the company’s rescue.
“It’s time to start being honest,” he told media.
Source: Newfoundland Turns Thumbs Down on Husky’s Offshore Oil Bailout Demand – The Energy Mix
Husky Energy seems to be having their fair share of problems. They received some free giveaway money to oil companies. Yes, it was part of Jason Kenney’s 4.7 billion lottery. If you had an oil or gas company, you were automatically awarded a prize worth millions of dollars. Then they fired people and moved out of the country.