Offshore Energy

Offshore Energy

Hibernia oil platform offshore NewfoundlandSt. John's is the commercial hub of Canada's offshore oil industry and is home to international oil companies, supply and service firms, as well as a specialized and diverse range of marine expertise.

The offshore energy industry holds vast potential for St. John's and the province. Since production from the Newfoundland and Labrador offshore began in 1997, 1.7 billion barrels of oil have been produced and the industry accounts for 25 per cent of provincial GDP and 41 per cent of exports over the past 20 years. Newfoundland and Labrador is producing 25 per cent of Canada's conventional light crude.

Newfoundland and Labrador currently has four offshore oil producing projects Hibernia, Terra NovaWhite Rose , and Hebron, which produced first oil in late 2017. There is optimism for the future of the industry as projects exceed expectations, expansions are planned and exploration continues. Husky Energy and partners are developing the West White Rose Extension Project, with first oil expected in 2022, and there is $2.6 billion in recent exploration work commitments.

The Government of Newfoundland and Labrador released Advance 2030 – A Plan for Growth in the Newfoundland and Labrador Oil and Gas Industry in early 2018. In late 2017, the annual global survey of petroleum-sector executives released by the Fraser Institute, ranked Newfoundland and Labrador as the most attractive Canadian jurisdiction for oil and gas investment and fourth globally out of 97 jurisdictions.

The City of St. John's has identified offshore energy as a strategic sector in Roadmap 2021: A Strategic Economic Plan for St. John's and is a member of the World Energy Cities Partnership (WECP), a collaboration of 19 energy cities from around the world.

Additional information on the offshore energy sector is available from the website of the Newfoundland & Labrador Oil & Gas Industries Association (NOIA),