Newfoundland and Labrador expects an oil windfall from soaring prices

Extra revenue, earlier forecast

500 million $, at least

Finance Minister Craig Pardy had forecast more than $500 million in extra revenue as the war in Iran pushed oil prices up. He now says the figure is even higher.

We cannot, and should not, and will not be counting on artificially high oil prices in perpetuity.

— Tony Wakeham, premier of Newfoundland and Labrador

The province still forecasts a net debt of nearly $21 billion by March, against a yearly budget of about $11.5 billion. Pardy promises a debt management plan this fall.

Estimated return from Bay du Nord

6.4 billion $

The government is still weighing a stake of up to 10 per cent in Equinor's Bay du Nord offshore project, which officials estimate would bring the province $6.4 billion.