Newfound Riches

Newfoundland is $700 million richer than it thought. Thanks, oil.

Newfoundland and Labrador Finance Minister Tom Marshall brought some good news with his mid-year fiscal report: The province has a $755-million surplus, just slightly higher than his earlier projection of $59 million. Marshall says the extra money comes primarily from an extra 19 million barrels of oil and a slightly higher oil price. It also didn't hurt that the Terra Nova Oil production vessel had its maintenance deferred. The Finance Minister says he plans to be fiscally responsible with the surplus, and start paying off more of the province’s net debt, which will be its lowest in over a decade.