Through four major offshore projects, the Newfoundland and Labrador offshore oil and gas industry currently produces about 25 per cent of Canada’s conventional light crude oil. And it has the potential to grow. Exploration studies have shown that regions of Newfoundland and Labrador’s offshore area may contain many billions of yet-untapped barrels of oil.
According to the Newfoundland and Labrador Oil and Gas Industries Association (Noia), were the Atlantic province to successfully capitalize on its vast oil and natural gas potential, it could see the following benefits by 2033:
- Total employment supported by the industry across the province increasing to 56,000 jobs in Newfoundland and Labrador, plus an additional 22,700 jobs in the rest of Canada.
- More than$4.6 billion per year in labour income across the province.
- An increase in consumer spending to $3.5 billion per year.
- An increase in provincial government benefits through royalty and tax payments and equity to $6.7 billion in 2033.