Minister of Natural Resources Siobhan Coady and Minister of Tourism, Culture, Industry and Innovation Christopher Mitchelmore on Wednesday announced approximately $2 million for five projects through the Innovation and Business Development Fund.
The projects are aimed at helping expand and diversify Newfoundland and Labrador’s oil and gas supply and service capabilities.
A news release states funding recipients include the Newfoundland and Labrador Environmental Industry Association (NEIA), Kraken Robotics, the Newfoundland and Labrador Oil and Gas Industries Association (Noia), Petroleum Research Newfoundland and Labrador (PRNL) and Scanmudring Services Inc.
Funding recipients leveraged an additional $3.9 million from other sources, bringing the total value of these projects to approximately $5.9 million.
The Innovation and Business Development Fund is a 10-year, $60-million fund with an annual budget of $6 million.
“The resource potential in our offshore is incredible with over 650 leads and prospects identified to date,” Coady stated. “The oil and gas industry also contributes substantially to our economy, it creates jobs, fosters innovation and leverages business opportunities. Through the Innovation and Business Development Fund, we are helping to facilitate the necessary collaboration, investment and industry growth required to enhance our supply and service capabilities and position this province globally as a preferred location for oil and gas development.”