Since 2014 and the decline in world oil prices, Newfoundland and Labrador — along with every oil- and gas-producing jurisdiction- has had to compete more fiercely to attract investment from international oil and gas producers. In Canada alone, capital investment dropped from $81 Billion in 2014 to $45 Billion in 2017.

Making a strong business case for investment in Newfoundland and Labrador means presenting the province on the world stage as a place where exploration and development makes good economic sense. Extracting oil from the North Atlantic can be an expensive prospect, but investment here also has many upsides — such as an experienced workforce and a supply chain with a track record of success on major oil and gas development projects.

Working together, all of the players involved in ensuring the future growth of our industry — oil and gas companies, our workforce, the supply and service community and governments — need to create a strong, stable industry where investment has a better chance of success than anywhere else in the world.

“Now, more than ever, our projects need to compete — and they need to compete with projects from around the world.”

Cathy Mandville
Commercial & Joint Interest Manager, Husky Energy

Oil Production World Map

With over 160 countries producing oil and gas resources around the world, Newfoundland and Labrador faces the ongoing challenge of attracting investment to the region because of the stiff competition from places as far away as the North Sea in Norway or eastern Russia.