Cash-strapped Newfoundland and Labrador has announced a 12-year plan to speed and enhance development of its offshore oil and gas resources.
According to a report by The Canadian Press, the province will review regulations and advance tie-back technology to develop what it estimates is an offshore potential of at least 37 billion barrels.
By 2030, the province wants to kick-start extraction of its largely untapped natural gas reserves as it counts on increasing global demand.
For major oil sites now operate off Newfoundland but the collapse of prices starting in 2014 hit the industry hard.
The 12 year plan says the goal is a streamlined process to allow faster oil site development without cutting environmental safeguards.