Newfoundland is ‘back in the oil business,’ new premier vows ahead of Carney meeting

Newfoundland and Labrador Premier Tony Wakeham is shown during a television interview at a Progressive Conservative campaign party on election day in Stephenville, N.L., on Tuesday, Oct. 14, 2025. THE CANADIAN PRESS/Jessica Stapleton

ST. JOHN’S — Newfoundland and Labrador Premier Tony Wakeham says he is heading to Ottawa later today with demands for Prime Minister Mark Carney.

Wakeham told a St. John’s business conference he wants Carney to designate Bay du Nord — a proposed offshore oil development by Equinor — as a major project of national interest.

The premier declared that Newfoundland and Labrador is “back in the oil business,” adding that the previous provincial government was reluctant to champion the industry.

Wakeham said he also wants the federal government to make more national defence investments in the province.

The Tory premier would not provide details when he said briefings gave him “reason to believe” the province’s finances are worse than the previous Liberal government let on, though he promised a financial update next month.

Newfoundland and Labrador has the largest per capita provincial net debt in the country, and the Liberals had forecast the deficit at $626 million before they lost last month’s provincial election.

This report by The Canadian Press was first published Nov. 25, 2025.

Sarah Smellie, The Canadian Press