Since 1997, when Hibernia first came on-stream, Newfoundland and Labrador has enjoyed the benefits of being an oil-producing region. Over the last 20 years, investment by oil and gas companies in Newfoundland and Labrador’s offshore has translated into over $20 billion in royalties for the province. However, new investment in exploration and production is needed to ensure these benefits continue well into the future.

As a single jurisdiction competing globally with all of the world’s oil-producing regions, Newfoundland and Labrador must actively work to attract investment dollars to continue to grow our oil and gas sector.

Obstacles to future oil and gas growth exist, including the harsh environment and high cost of exploring for, developing and producing oil and gas in the province’s offshore. Added to this, the province has experienced lengthy development cycles on its past projects. Further, recent changes to the regulatory environment have layered on new costs and created uncertainty translating into more hurdles to investment.

Working together — governments, oil and gas operators/explorers, the supply and service community and others — we can overcome these challenges and enable future growth in the oil and gas industry.

“There are many challenges ahead of us but we’ve spent the last 30 years developing a successful industry in this province and building a skilled work force. We’ve overcome challenges in the past by working together and we can do it again.”

NL Oil Production History & Forecast

Since 1997, the oil and gas industry has been vital to the economic growth of Newfoundland and Labrador. More operating fields will be needed to increase production in the future.