The provincial government is proceeding with the third phase of the review of the province’s current offshore oil and gas interests.

Specific focus will be on the province’s 4.9 per cent equity position in Hebron, 8.7 per cent equity position in the Hibernia Southern Extension, five per cent equity position in the White Rose Extension project, and the asset and exploration teams and intellectual property within Oil and Gas Corporation of Newfoundland and Labrador.

Rothschild & Co. will present the province’s portfolio of oil and gas assets to potential buyers. While this will not bind the government to any action, it will enable an informed decision on whether to proceed to detailed negotiations to sell those assets. No new contract with Rothschild is required.