...the province would pay around $44-million to take a 5-per-cent stake in future extensions to White Rose, although that amount could change if exploration efforts indicate the oil reservoir - estimated to have reserves of 214 million barrels - turns out to be a different size than believed.
Plus, there are ambitious future plans:
Newfoundland and Labrador will seek a 10 per cent ownership stake in all oil and gas projects, Premier Danny Williams announced yesterday as he unveiled the province's first long-term energy plan.
Now, I'm not opposed to minority holdings by government in oil projects. Newfoundland has lost out - substantially - on previous resource plays. See: Churchill Falls. As long as government doesn't try to operate projects themselves.
The main problem, is, of course, that there's no more substantive reserves to exploit, now that Hebron's signed.