Opposition Leader Yvonne Jones is again re-iterating her concerns as it relates to government taking equity stakes in offshore oil projects. Jones was reacting to yesterday’s press conference related to the White Rose expansion and says that while she is pleased the project will move ahead, she has received no financial analyses that prove that equity is better than an improved royalty regime.

"No other province or state, including Alberta, is taking an equity position in their oil industry," said Ms. Jones. "Instead, they have opted for improved royalty regimes that will provide extra money to their coffers without the risks associated with investing in an uncertain industry. On a go-forward basis, the taxpayers of this province will now be responsible for five per cent of costs associated with the White Rose expansion project. Should there be cost overruns, environmental problems or damage to project infrastructure, the people of Newfoundland and Labrador will be forced to pay. This increases our risk and could take away millions in profits if everything does not proceed as planned.

"I congratulate government on reaching an agreement with our industry partners, however, we fundamentally differ on the best approach of development. Only time will tell if equity is the best approach or whether history will judge it as a mistake."

Jones also called on the provincial government to release the legal agreements related to the agreement. "I cannot understand why the legal agreements related to this project cannot be released publicly. When the former administration signed the legal documents for Voisey’s Bay, all agreements were released in their entirety for review. Why is government refusing to do it now?

"Openness and transparency seem to be an afterthought with this government. The premier continues to say ‘trust me’ but refuses to release any details. We still have not seen anything related to the Hebron-Ben Nevis Memorandum of Understanding, and now we are not getting the final details of this White Rose expansion agreement. Why the secrecy? Why can’t this agreement be debated in the House of Assembly? There are many questions that still need to be answered and I call upon government to open the legislature in January to ensure a full and open debate can take place."