Canada is a global energy superpower, and the Government of Canada is committed to building on this momentum by developing our natural resources - driving economic growth; creating well-paying careers; ensuring energy sovereignty and security; and allowing us to deliver reliable, affordable energy to Canadians and our allies.
The Newfoundland and Labrador offshore oil and gas industry plays a key role in our economic and energy agenda. Today, it is a significant component of the East Coast economy, sustaining nearly 20,000 jobs; contributing almost 20 percent to Newfoundland and Labrador's GDP; and representing 55 percent of the province's total exports, leveraging the industry's location along international shipping routes to gain strategic access to global markets. Oil produced in Newfoundland and Labrador's offshore is also 30 percent below the global average for greenhouse gas emissions at extraction.
The Government of Canada welcomes today's step forward with the signing of a landmark agreement between the Government of Newfoundland and Labrador and Equinor to advance the Bay du Nord offshore oil development project. This agreement will enable Equinor to move closer to a positive final investment decision in 2027.
Bay du Nord, located approximately 500 kilometres east of St. John's in the Flemish Pass Basin, represents one of Canada's most significant offshore discoveries. Development will unlock a new offshore basin with the potential to create thousands of jobs during construction, sustain hundreds of long-term operational positions while contributing significantly to Canada's GDP.
The Government of Canada is committed to helping de-risk this project to enable this important investment in Canada's energy future to move forward.
By accelerating responsible offshore energy development, Canada can unlock billions in investment, support high-quality jobs, generate revenue in coastal communities and reinforce our role as a stable supplier in an increasingly volatile world. By matching our world-class reserves with policy alignment and first-class skilled workers, Canada is not just participating in global energy markets - we are seizing the opportunity to be an energy superpower.
