St. John’s is the commercial hub of the Canadian offshore oil play.
Located on the northeast coast of North America, St. John’s is the capital city of the Province of Newfoundland and Labrador, Canada.
St. John’s is the centre of commerce, government and culture, and as a result of its proximity to the massive hydrocarbon potential of the region, it is the commercial and technical centre of the growing Canadian offshore petroleum industry. St. John’s is home to international oil companies, supply and service firms, as well as specialized and diverse range of marine expertise.
The offshore energy industry holds vast potential for St. John’s and the province. Since production from the Newfoundland and Labrador began in 1997, 1.7 billion barrels of oil have been produced and the industry accounts for 25 percent of provincial GDP and 41 percent of exports over the past 20 years. Newfoundland and Labrador is producing 25 per cent of Canada’s conventional light crude.
Newfoundland and Labrador currently has four offshore oil producing projects Hibernia, Terra Nova, White Rose and Hebron. There is optimism for the future of the industry as projects exceed expectations, expansions are planned and exploration continues. Husky Energy and partners are developing the West White Rose Extension Project with first oil expected in 2022, and there is $2.6 billion in recent exploration work commitments.
In late 2017, the annual global survey of petroleum-sector executives released by the Fraser Institute, ranked Newfoundland and Labrador as the most attractive Canadian jurisdiction for oil and gas investment and fourth globally out of 96 jurisdictions.
As a World Energy City, St. John’s recognizes the oil and gas industry as an important factor in present and future development, and works to maximize economic activity and benefits. The oil industry is a driver of the local economy, and in addition to employing many people directly and indirectly, it is also the major driver of capital expenditure, and GDP growth.
As a result of its strategic position and economic connection to the ocean, there exists specialized and diverse marine expertise in St. Johns, now known as a City of Ocean Excellence. St. John’s can offer expertise in ocean technologies, as there are many private and public sector organizations working in the areas of offshore energy, ocean observation and science, marine transportation, defense and security, education and training. Specifically, there is local expertise in harsh environment technologies, ice and arctic conditions, and oceans engineering. Our location and expertise also enables our City to be a gateway to arctic and northern regions. In addition, educational institutions offer specialized oil and gas programming for Canadian and international markets.