With 500 trillion cubic feet in natural gas deposits and 110 million barrels of oil, as well as tidewater access to burgeoning energy markets in Asia, the province of British Columbia has a robust oil and natural gas industry that could grow: providing economic benefits and jobs for generations of people in the province and across Canada. Here are some of the numbers on the real and potential economic impacts of B.C.’s oil and natural gas industry:
- $5 billion was invested in B.C. by Canada’s upstream oil and gas industry in 2015 for exploration and development;
- 67,000 jobs (direct and indirect) were enabled by B.C.’s oil and natural gas industry in 2014;
- 730 B.C. companies directly supply the oil sands industry with goods and services, including construction, electrical equipment and engineering services;
- $5.7 billion: The estimated economic impact the Trans Mountain Expansion Project would have on B.C.;
- $949 million in revenue was received by the B.C. government in 2015/2016 from oil and natural gas activity; this could grow to $2.4 billion a year with increased activity;
- $7.4 billion: The estimated annual growth to Canada’s economy from a B.C. LNG industry exporting 30 million tonnes a year of natural gas.
Learn more by downloading this report: Oil and natural gas priorities for a prosperous British Columbia.