Newfoundland and Labrador Builds on Offshore Oil and Natural Gas

Newfoundland and Labrador’s energy economy is shaped by resilience, offshore expertise, and connected to global markets.

From world-class offshore resources and highly skilled workers to advanced engineering and infrastructure built to operate in some of the most challenging environments in the world, the province has developed a globally competitive energy sector. That foundation supports thousands of jobs, attracts investment, and generates significant government revenue that benefits communities across Newfoundland and Labrador.

With long-standing production from major offshore projects and significant untapped oil and natural gas potential, the province is well positioned to continue growing its energy sector and contributing to Canada’s energy security.

Newfoundland and Labrador’s offshore expertise powers the world with secure, reliable energy.

Newfoundland and Labrador’s offshore oil and natural gas sector generates billions in economic activity and plays a significant role in the province’s overall economy.

Source: CAPP Data Centre, Canada’s Offshore Oil and Gas Industry, Energy Research & Innovation Newfoundland & Labrador, Socio-economic Benefits from Oil and Gas Industry Activity in Newfoundland and Labrador, 2018-2024, December 2025.

Supporting Jobs Across Canada and the Province

Offshore oil provides high-quality employment and supports thousands of workers and families.

11,098 jobs across Canada’s offshore oil and gas sector in 2024
Employment averaged over 12,500 jobs from 2020–2024
Approximately 1 in every 12 people in Newfoundland and Labrador is employed by the sector

Source: CAPP Data Centre, Canada’s Offshore Oil and Gas Industry, Energy Research & Innovation Newfoundland & Labrador, Socio-economic Benefits from Oil and Gas Industry Activity in Newfoundland and Labrador, 2018-2024, December 2025.

Building Communities and Local Economies

The offshore sector contributes significantly to household incomes, local businesses, and community prosperity across Newfoundland and Labrador.

On average between 2018 and 2024:

Source: CAPP Data Centre, Canada’s Offshore Oil and Gas Industry, Energy Research & Innovation Newfoundland & Labrador, Socio-economic Benefits from Oil and Gas Industry Activity in Newfoundland and Labrador, 2018-2024, December 2025.

Producing Energy Offshore Today

Newfoundland and Labrador is home to Canada’s only producing offshore oilfields on the Atlantic coast of North America.

Four active oilfields: Hebron, Hibernia, Terra Nova, and White Rose

Located 300–350 km offshore in the Jeanne d’Arc Basin

Offshore production averaged ~209,000 barrels per day in 2024, down from peak levels

The West White Rose project is progressing toward first oil in 2026

Source: CAPP Data Centre, Canada’s Offshore Oil and Gas Industry.

While global offshore investment is strong, activity in Newfoundland and Labrador has slowed.

Only two exploration wells were drilled in 2024
No wells were drilled in 2025, with none planned for 2026
Production has declined due to natural depletion, costs, and competitiveness challenges

Source: CAPP Data Centre, Canada’s Offshore Oil and Gas Industry.

Building for Generations to Come

Newfoundland and Labrador’s offshore holds significant untapped potential, with opportunities to support long-term energy supply and economic growth.

Bay du Nord could become the province’s first deepwater project, with potential first oil early next decade pending final investment decisions in 2027
Existing fields contain 1.7 billion barrels of oil reserves
Additional 1.7 billion barrels of contingent resources remain
Total potential includes 123.5 billion barrels of oil and 292.6 trillion cubic feet of natural gas

Source: CAPP Data Centre, Canada’s Offshore Oil and Gas Industry.

Global demand for energy continues to grow, driven by population growth, economic development, and expanding technologies like artificial intelligence and data centres.

Source: CAPP Data Centre, Canada’s Offshore Oil and Gas Industry.