Newfoundland and Labrador's Opposition leader wants Premier Danny Williams to answer a host of questions about the pending deal to develop the Hebron megaproject.

"We are left with a premier who is saying, 'Trust me,' " said Liberal Leader Gerry Reid, who says a memorandum of understanding announced last week is too vague.

Opposition Leader Gerry Reid says he wants answers on 13 questions before he will support the agreement on the Hebron oilfield.
(CBC)

"Frankly, I'm not willing to line up for the Kool-Aid without seeing the details," Reid told reporters Thursday.

Williams claimed a political victory this month with a tentative agreement with Hebron's partners that secures a 4.9 per cent ownership stake in the offshore oilfield.

Williams, however, is not releasing details of the deal because of a confidentiality agreement.

Reid released a letter Thursday that lays out 13 questions about the Hebron MOU, ranging from disclosure to project costs to local employment benefits.

Williams broke off negotiations with Hebron's partners in April 2006, rejecting partners' demands for tax breaks.

Heading toward the Oct. 9 election, Reid said the public should demand greater scrutiny from Williams over the Hebron MOU, which will not become entrenched until government and the consortium led by Chevron Canada hammer out a binding agreement.

Among Reid's concerns is Williams's insistence on taking an ownership stake in the project, when other provinces do not

"The premier [said], 'I'm an entrepreneur, I'm a risk taker,' " Reid said.

"Well, that's fine and dandy, I say to the premier, [if] you're not using your own money to take that risk, but you are using the taxpayers' money of the province of Newfoundland and Labrador to take that risk," he said.

"Is a good one? We don't know."

Reid said he will not support the Hebron agreement until he knows more details.

The provincial government has disclosed the MOU guarantees a low royalty rate — of just one per cent — until the costs of the project are paid off.

However, the agreement makes a provision for "super-royalties" if oil prices remain above $50 per barrel, which the government says is a reasonable expectation.

Williams estimates the government stands to earn about $16 billion in revenues over the life of the project, currently estimated at 25 years, based on proven reserves.