Energy

Newfoundland and Labrador’s substantial inventory of energy sources, reliable regulatory framework, and highly renewable electricity grid make the province a stable energy supplier capable of meeting domestic demand while providing significant energy to other regions.

Strategically located near North American and European markets, Newfoundland and Labrador is a proven producer of oil and gas, while also advancing critical minerals, mining, hydroelectricity, and emerging renewable energy sectors. Decades of experience producing energy reliably, combined with abundant natural resources, deepwater ports, and a focus on stable investment conditions and partnerships, position the province as an important supplier of energy for current and future markets.

A new comprehensive 10-year Energy Plan will guide Newfoundland and Labrador in developing renewable and non-renewable resources, including oil, natural gas, mining, hydroelectricity, wind, solar, and tidal energy.

• Supports energy security for Canada and allied markets
• Provides stable and reliable supply of oil, gas, and renewable energy
• Enables export of energy resources to North American and European markets
• Supports transition to lower-carbon and renewable energy systems

As Canada’s only offshore oil-producing region, Newfoundland and Labrador produces approximately five percent of the country’s oil, with more than 2.3 billion barrels extracted to date from four offshore facilities: Hibernia, Hebron, Terra Nova, and White Rose.

The Bay du Nord project, Canada’s first deepwater oil development, could add over 1 billion barrels of recoverable reserves and is expected to be among the lowest-emission projects of similar scale. Broader offshore assessments indicate significant untapped potential, with estimates of 123.6 billion barrels of oil and 292.6 trillion cubic feet of gas.

Newfoundland and Labrador currently produces approximately 250,000 barrels per day, totaling approximately 87.6 million barrels annually. The sector contributes roughly 20 percent of GDP, generates significant public revenue, and supports thousands of jobs. With direct access to global markets and Brent-indexed pricing, the province exports primarily to Europe and other international markets.

• Offshore NL is 1.5 times larger than the U.S. Gulf of Mexico and 2.5 times larger than the North Sea
• Five producing fields have generated over 2.4 billion barrels since 1997
• 8 million km² of offshore petroleum potential with significant unlicensed areas
• Natural gas potential includes identified reserves and ongoing assessments
• Opportunities exist to export LNG to European and Asian markets