With global oil prices continuing to rise, many are touting the benefits of further oil development in the Newfoundland offshore.

Finance Minister Siobhan Coady says Newfoundland and Labrador oil is very low-carbon per barrel and the province’s oil production is important for the global supply chain and security of supply.

“I’d rather have our fuel – Newfoundland and Labrador fuel – on the markets, than I would somewhere like Russia,” says Coady.