The Canadian province of Newfoundland plans to take a 10% stake in new oil and gas projects off its coastline, Forbes reported. The demand was contained in the provinces 35-year energy plan recently released. The province will take a 10% stake in future offshore oilfields if they meet long-term strategic objectives and will pay its share of exploration and development costs, he said.
Last month the province reached an agreement with oil companies Chevron, ExxonMobil
, PetroCanada and Norsk Hydro
ASA, giving it a 4.9 pct stake in the offshore Hebron project. (Source: Forbes)