Newfoundland and Labrador has four producing offshore oil projects and ongoing exploration activity, creating the following economic benefits for the people of Newfoundland and Labrador:
$20 billion in offshore royalties have been paid to the Government of Newfoundland and Labrador since production began in 1997.
9,000 people were directly employed in the province’s offshore industry since 2015.
$31 billion in capital has been invested to build Canada’s oil and natural gas industry in Newfoundland and Labrador since 1995.
$3.7 billion in exploration and development spending in 2015.
600 local supply and service companies support the industry.
The Government of Newfoundland and Labrador estimates that six billion barrels of oil and 60 trillion cubic feet of natural gas remain undiscovered — representing a major opportunity for attracting new investment and generating additional economic growth.