OPINION: The decision by Canada’s government to give C$320 million (US$239 million) to Newfoundland & Labrador was welcomed by local authorities, fearful of the economic impacts of Covid-19, the energy transition and low oil prices.

SIGN UP FOR OUR NEW ENERGY TRANSITION NEWSLETTER

Energy explored: Gain valuable insight into the global oil and gas industry's energy transition from Accelerate, the new weekly newsletter from Upstream and Recharge. Sign up here.

Since the cod fisheries collapsed some 40 years ago, the oil industry has become the linchpin of the provincial economy, accounting for 23% of its gross domestic product and supporting 23,500 jobs.