Premier Andrew Furey says the single bid received in response to the province’s annual offering for offshore oil exploration speaks volumes about the dire straits of the industry.

Opposition Leader Ches Crosbie, however, begs to differ. He says Newfoundland and Labrador is simply doing a poor job of providing exploration incentives compared to other areas like Norway.

Crosbie says the province is failing to compete globally, which is causing more skilled labour to leave the province for work elsewhere.

He added that in his assessment, the oil industry in the province is “hanging by a thread.”