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Terra Nova FPSO

Economic Benefits from Offshore

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)
  • In the 2022-2023 provincial budget year, the Government of Newfoundland and Labrador was expected to receive over $1.2 billion in royalties from offshore oil production. (Source: Government of Newfoundland and Labrador, Budget 2023)
Oil workers



Offshore safety