The offshore board noted the implication inherent in government's decision - namely that the approvals process would take longer on future projects.
Industry representative Paul Barnes concurs:
"From the industry’s perspective, this will mean it will take longer to get projects approved," said Paul Barnes, Atlantic Canada manager for CAPP in St. John’s.
"This flies in the face of what we’ve been working towards with governments over the last few years in trying to shorten timelines for regulatory approval."
Barnes says the Hibernia South decision erodes efforts to create a "single regulatory window" and increases uncertainty about the rules for Newfoundland offshore developments.
"It’s causing a lot of confusion,” he said. “You’ve got to have certainty around the regulatory regime because it has an impact on who invests here, why they invest and when they invest."
