Executive Council
Natural Resources
Tourism, Culture, Industry and Innovation
September 19, 2018

Premier Ball Welcomes Proposals for the Innovation and Business Development Fund

The Honourable Dwight Ball, Premier of Newfoundland and Labrador, today announced that proposals are being accepted for the Innovation and Business Development Fund.

With an annual budget of $6 million, the fund will facilitate strategic investments in innovation and business development to grow the oil and gas industry in the province.

Through the fund, government will:

  • Expand local supply, export and diversification opportunities;
  • Attract investment in areas where there are gaps in innovation, technology and supply chain; and
  • Improve oil and gas industry competitiveness by reducing costs related to exploration, development and operations.

The fund will provide approved projects with up to 50 per cent of eligible costs in the form of a non-repayable contribution. Both commercial and non-commercial applicants are eligible to apply and must demonstrate a sound business case. The fund will be co-delivered by the departments of Natural Resources and Tourism, Culture, Industry and Innovation. Criteria for the fund are available online at www.nr.gov.nl.ca/nr/royalties/pdf/innovation_business_development_fund.pdfPDF icon

Government secured $60 million over 10 years to establish the Innovation and Business Development Fund as part of its collaborative approach to working with Husky and its partners to advance the West White Rose Project.

The Innovation and Business Development Fund aligns with Advance 2030 – The Way Forward on Oil and Gas, which was developed to position Newfoundland and Labrador as a globally preferred location for oil and gas development. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca.

Quotes
“Our government has placed considerable emphasis on supporting industry growth, job creation and community development. Through this new $60 million fund, we are well-positioned to support businesses and organizations to capitalize on new opportunities and our Way Forward on Oil and Gas that will position Newfoundland and Labrador as the globally preferred destination for oil and gas investment.”
Honourable Dwight Ball
Premier of Newfoundland and Labrador

“The fund supports priorities outlined in Advance 2030 by investing in innovation and business development opportunities, including enhanced supply and service capabilities and infrastructure that leads to local business growth, joint ventures, and export opportunities.”
Honourable Siobhan Coady
Minister of Natural Resources

“Today’s announcement of the Innovation and Business Development Fund is significant and it reinforces our commitment to innovation as a driving force of economic development.‎ As co-administrator of the fund, my department will provide a single-window for the delivery of services to clients in a seamless and efficient manner, ensuring coordination with the programs and direction of the Innovation and Business Investment Corporation. Collectively, we look forward to opportunities to expand local supply, export and diversification initiatives, while supporting local and regional economies.”
Honourable Christopher Mitchelmore
Minister of Tourism, Culture, Industry and Innovation

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Learn More

Criteria for the Innovation and Business Development FundPDF icon

Advance 2030 - The Way Forward on Oil and GasPDF icon

The Way Forward

Government of Newfoundland and Labrador and Husky Announce White Rose Extension; More than $3 Billion in Royalties and Equity for the Province

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Media contacts
Michelle Cannizzaro
Office of the Premier
709-729-3960
michellecannizzaro@gov.nl.ca

Nancy Hollett
Natural Resources
709-729-5777/685-3372
nancyhollett@gov.nl.ca

Eric Humber
Tourism, Culture, Industry and Innovation
709-729-4819, 725-9655
erichumber@gov.nl.ca

2018 09 19                              10:05 a.m.