The provincial government is moving into the second phase of its review into the province’s offshore oil and gas interests as it considers whether or not to divest itself of its equity interest in the offshore.
The second phase is part of a review of government assets launched following a recommendation in the Green Report.
The province says the specific focus of this phase of the review will be on government’s equity positions in Hebron, Hibernia South, and the White Rose Extension project.
Government has a 4.9 per cent equity stake in Hebron, 8.7 per cent in the Hibernia Southern Extension project and 5 per cent in the White Rose Extension.
Rothschild & Company presented its initial phase report to the provincial government last spring which concentrated on the study of transaction options and valuations.
Phase two represents what government calls a deeper dive to verify every aspect of a potential transaction. Rothschild is leading the process and any additional work related to legal, regulatory, tax and accounting requirements will be contracted as necessary.
Government says no similar decisions have been made at this time regarding any other public assets, like Marble Mountain and NLC, which were included in the initial Rothschild review.