Atlantic Canada has a thriving offshore oil and natural gas industry, with four producing projects and ongoing exploration activity in the area.
Atlantic Canada produces more than 233,000 barrels of oil per day, representing five per cent of Canada’s total crude oil production. To date, development of oil and natural gas production in Atlantic Canada has mainly occurred offshore Newfoundland and Labrador and Nova Scotia.
In addition to current projects, the Atlantic region has seen significant exploration activity in recent years. Exploration is key to the future of the offshore industry as it leads to new discoveries and potential developments.
The offshore industry has had a major impact on Atlantic Canada’s economy thanks to the royalties and taxes the industry pays to governments, and the creation of jobs and expenditures related to industry activity. Oil and natural gas companies in the region also contribute significantly to the communities where they are active.