Senior Canadian officials are working in conjunction with the Newfoundland and Labrador Oil and Gas Industries Association(Noia)to petition for immediate assistance to help the region recover from the unprecedented reduction in demand caused by COVID-19 and the catastrophic drop in crude benchmarks.This was exacerbated by an all-out price war between Russia and Saudi Arabia,which flooded the market with product.To help alleviate the situation,the combined group has requested incentives to encourage investment in offshore exploration and project development,to remain globally competitive.Building on an earlier town hall meeting in April,Noia hosted a second virtual meeting on May 14,to discuss impacts of the current economic situation on its members,and the future of the Canadian offshore oil and gas industry.
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