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:
- As of the end of 2022, the offshore industry directly employed more than 4,000 people and indirectly employed thousands more. (Source: C-NLOPB 2022-23 Annual Report)
- In 2022, offshore operators spent $2.7 billion related to work in the offshore area. Since 1966, all expenditures total approximately $73.8 billion. (Source: C-NLOPB Annual Report)
- In 2023, an estimated $1.6 billion in capital investment was spent in the offshore industry in Newfoundland and Labrador.
- Since 2004, offshore operators have cumulatively spent more than $650 million on research, development, and education and training initiatives. (Source: CAPP)
- Offshore royalties account for 15% of the Government of Newfoundland and Labrador’s budget, or $1 in every $7 government spends. (Source: Government of Newfoundland and Labrador – Budget 2024)
