The clock is ticking on an offer of tens of millions of dollars to get people back to work on one of the offshore projects.

Using the oil fund from Ottawa, the provincial government put $75-million on the table for the Suncor-led Terra Nova project and refit of the FPSO Terra Nova. The rig was scheduled to have the work done in Spain but the pandemic derailed all of those plans.

The $75-million is contingent on the oil companies providing matching funds.

Andrew Parsons, the minister responsible for the energy sector, says the financial assistance is not contingent on the rig staying in Bull Arm for the refit. One of the conditions is that there be an asset life extension.

He says government would like to see that happen but Bull Arm was not in the plans before the pandemic as the rig was going to go to Spain.