Sunset over the ocean. Offshore oil has a significant impact on the economy of Newfoundland and Labrador. Oil & gas – contributing to a strong local economy

The oil & gas industry in Newfoundland and Labrador has made significant contributions to the provincial economy. And it has the potential to sustain activity for decades to come. Read more about its current provincial economic impact.

A 2018 economic study revealed the tremendous potential of Newfoundland and Labrador’s offshore resources over the coming 25 years, including the generation of 56,000 jobs by 2033 and the ability to generate more revenue for the provincial government in 2033 than the entire economy currently does.

Learn more about the potential of Newfoundland and Labrador’s offshore oil & gas industry.

Offshore operations are thriving

There are four offshore oil projects currently in operation:

Hebron 707 million barrels
Hibernia 1.644 billion barrels
Terra Nova 506 million barrels.
White Rose 479 million barrels.
(*Note: figures for recoverable oil are as of December 2017)

A humpback whale tail waves from the ocean. Environmental sustainability is a key part of the oil and gas industry in Newfoundland and Labrador.

The environment is being protected and sustained

It is the responsibility of the oil & gas industry to safeguard the people, marine life and ecosystems in and around operations. Oil spills are of primary concern and there are many regulations and measures in place to guard against them.

Education and training of workers, close monitoring of operating conditions and regular equipment maintenance are just a few of the measures followed. The primary focus is on prevention so environmental incidents do not occur in the first place.

Learn more about how the industry is working to prevent spills and how it would respond should one occur.

Person holding hard hat. Safety is a priority in Newfoundland and Labrador's Oil and Gas Industry.Safety ­is the top priority

Operators adhere to the strict health and safety requirements of the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB). Companies are required to have a comprehensive health and safety plan before any offshore activity is approved. These plans must be implemented and kept up-to-date.

Regular plan audits and workplace inspections are conducted by the oil companies and by the C-NLOPB. If worker health or safety is considered at risk, the C-NLOPB will take action, including stopping the company’s activity.