The ERF Offshore Deployment Program will help ensure that investments in deployable technologies continue across Canada’s offshore sector despite the unprecedented challenges of the COVID-19 pandemic and global oil price instability. This will maintain jobs and opportunities for Canadians while positioning industry to keep up with and lead the global energy transition, making Canada more globally competitive in a post-pandemic environment.
The new fund complements the $320 million in funding the Government of Canada provided as part of an agreement reached with the Government of Newfoundland and Labrador to support Canadians with offshore energy jobs, in response to the significant economic and financial distress.