As the main supply base for the growing Canadian offshore industry, St. John’s is home to many international oil companies, as well as supply and service firms.
The offshore petroleum industry holds vast potential for St. John's and province. Since production from the Newfoundland offshore began in 1997, there have been significant gains in provincial real gross domestic product, more than half of which is attributable to the the oil and gas sector. Production from the Newfoundland offshore accounts for approximately 35 per cent of Canada's total conventional light crude production.
Newfoundland and Labrador currently has three offshore oil producing projects Hibernia, Terra Nova, and White Rose , with a fourth project, Hebron currently in development. There is optimism for the future of the industry as projects exceed expectations, expansions are planned and exploration continues.
St. John’s is a member of the World Energy Cities Partnership (WECP), a collaboration of 19 energy cities from around the world.
The City of St. John's has identifed offshore energy as a strategic sector in Roadmap 2021: A Strategic Economic Plan for St. John's.
Additional information on the offshore energy sector is available from the website of the Newfoundland & Labrador Oil & Gas Industries Association (NOIA).