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 today as a result of its proximity to the massive hydrocarbon potential of the region, it is rapidly developing as the commercial and technical centre of the growing Canadian offshore petroleum industry. St. John’s is home base to 350 industry-related service and supply firms, and is a focal point for industry-related business and investment opportunities.
Newfoundland and Labrador currently has three offshore oil producing projects (Hibernia, Terra Nova and White Rose), with a fourth (Hebron) announced in 2008. There is optimism for the industry as projects exceed expectations and expansions are planned. Exploration for offshore oil continues, and there is also a renewed interest in natural gas exploration in several basins, including the Labrador Shelf.
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. The City of St. John’s completed it own economic impact study of this industry, and can offer expertise in this area to other cities.
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.