Newfoundland & Labrador reaps benefits of responsible offshore development
- Business & Finance
The Honourable Greg Rickford, Canada’s Minister of Natural Resources and Minister for the Federal Economic Development Initiative for Northern Ontario, today delivered a keynote address at the Newfoundland & Labrador Oil & Gas Industry Association (Noia) Conference 2014.
In his address, Minister Rickford highlighted the significant role that the oil and gas industry has played in Newfoundland and Labrador’s economic growth — generating billions of dollars in revenue to the province and aiding in the creation of thousands of jobs. The Minister reiterated the Government of Canada’s commitment to establishing the conditions that will enable the oil and gas sector to continue to grow and prosper, reach new markets and contribute to global energy security.
Minister Rickford also noted recent actions by the Government of Canada to ensure that oil and gas are developed safely and responsibly. In particular, the Minister noted the Government’s new Offshore Health and Safety Act, which will bring new clarity to the offshore regulatory regime and will enshrine into law the safety of offshore workers and authority for offshore occupational health and safety.
“Responsible resource development has transformed the economy of Newfoundland and Labrador, creating jobs and prosperity throughout the province. Our government will continue to support strong, independent regulation to keep our environment and our workers safe in Canada’s offshore,” Rickford said.
The oil and gas industry is directly responsible for nearly 8,800 jobs in Newfoundland and Labrador. Canada’s five production fields in the Atlantic offshore produced 83.6 million barrels of light crude and 68 billion cubic feet of natural gas in 2013.
Between 1997 and 2013, cumulative production from Hibernia, Terra Nova and White Rose (including North Amethyst) totaled 1,443.8 million barrels of oil.