CAPP has developed a video series highlighting the economic benefits of the offshore oil and natural gas industry. Titled Newfoundland and Labrador’s Offshore Opportunity, this series explores impacts on communities, on the supply service sector and on businesses throughout the province.
Newfoundland and Labrador’s Offshore Opportunity – Introduction
Newfoundland and Labrador’s Offshore Opportunity: Strengthening Communities
Newfoundland and Labrador’s Offshore Opportunity: Growing our Supply and Service Sector
Newfoundland and Labrador’s Offshore Opportunity: Supporting Local Businesses
Newfoundland and Labrador’s offshore oil industry provides many benefits to the economy:
- When including direct, indirect and induced jobs, there were 11,098 total jobs in Canada’s offshore oil and gas sector in 2024. From 2020-2024, total jobs (including indirect and induced) in Canada’s offshore oil and gas industry averaged over 12,500. (CAPP)
- Offshore oil and gas capital expenditures (CAPEX) in Canada was $3.3 billion in 2024, down roughly 40% from the 2016 peak of $5.6 billion. There is significant offshore oil development potential in Atlantic Canada given its vast reserves and direct access to key markets in Europe. (CAPP)
- Offshore royalties are a significant source of government revenue. For 2024-2025 (for the fiscal year ended March 31, 2025), Newfoundland and Labrador’s offshore royalties were $1.4 billion, representing roughly 18% of the government’s total revenue. Offshore royalties equated to nearly 80% of the government’s $1.7 billion of operating costs. (CAPP)
