Report co-author Josh Barrett speaks with reporters (VOCM News)
Players in the province’s oil and gas industry have released a report breaking down the socio-economic benefits of the energy sector to the local economy.
Energizing our Economy, prepared by Stantec for Energy Research and Innovation NL, shows that the province’s offshore sector continues to be a cornerstone of the provincial economy – supporting thousands of jobs and driving economic growth.
(VOCM News)
According to the report, oil and gas contributed 23.3 per cent to the province’s GDP, and generates a $2.3 billion increase in household income each year.
Oil and gas also represented 55 per cent of the province’s total exports in 2024, but co-author Josh Barrett says the number that stood out to him the most was the impact on labour.
He says between 2018 and 2024 the oil and gas industry represented 10.8 per cent of the province’s overall workforce. “That’s a huge proportion of our workforce in our province, a huge number.”