It’s been on their to-do list for eight years and now Fermeuse Enterprises Ltd. (FEL) says it is ready to spend about $100 million to build a marine base ...
This conceptual drawing shows the location and scope of the Marine Service Centre and spool base planned for Fermeuse. - ContributedIt’s been on their to-do list for eight years and now Fermeuse Enterprises Ltd. says it is ready to spend about $100 million to build a marine base in the town of Fermeuse to service the offshore oil and gas industry.
The environmental assessment process itself had some stops and starts as the province requested additional information from the company to explain, among other things, how it would handle sewage treatment and disposal during Phase 1 of the project and where it would source its water supply. Add in the collapse of oil prices during the pandemic, then Russia’s invasion of Ukraine last February, and the rising cost of borrowing through 2023, and crafting a plan for the future became even more challenging.
And FEL is fairly confident the world will need oil and gas from the Newfoundland offshore to provide that stable and secure supply. In a deep harbour, located at the end of a long inlet, the Fermeuse site will offer a safe berth for oil rigs to park.
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