ST. JOHN'S, Newfoundland, June 22, 2018 (GLOBE NEWSWIRE) -- The Newfoundland and Labrador Oil & Gas Industries Association (Noia) officially launched its awareness and education campaign during the final day of the Noia Oil & Gas conference 2018. Imagine the Potential informs all Canadians about the value of the Newfoundland and Labrador oil & gas industry, including the economic and social benefits of our offshore resources.
“Imagine the Potential shares the exciting story of the Newfoundland and Labrador oil and gas industry and asks us all to consider our future with a prosperous sector providing jobs and economic benefits to our province and our country,” said Charlene Johnson, Noia CEO. “The outlook is extremely positive with unmatched prospectivity and a strong supply and service sector. Imagine the Potential asks everyone to consider a future that could include $100 billion in royalties and taxes by 2045.”
Corporate Research Associates surveyed residents of Newfoundland and Labrador to learn their understanding of the oil and gas industry. While extremely strong support is present, a significant number of residents do not fully understand the value of the industry to the provincial economy. An independent economist was engaged to conduct an analysis of the potential of Newfoundland and Labrador’s oil and gas industry using the production target of 650,000 barrels of oil per day. The economic study demonstrates the oil & gas industry can have a transformational impact upon Newfoundland and Labrador.
“There are Newfoundlanders and Labradorians living across the globe and we need to create the opportunity for them to return home to live and work, should they wish to do so. If exploration and production are allowed to proceed in a timely manner, in just 15 years there is the potential to create 56,000 jobs in the province, that is a 25% increase over current employment,” continued Johnson. “Imagine the Potential of $4.6 billion in wages, $6.6 billion in royalties and taxes just to our provincial government, and $3.5 billion in consumer spending - that’s all in one single year in Newfoundland and Labrador.
“The benefits extend across the country as well. If our oil and gas industry reaches its potential, for every job created in Newfoundland and Labrador 2.3 would be created in the rest of Canada, with $3.5 billion in tax revenues collected in just 2033 alone,” explained Johnson. “We are simply asking that our decision makers create the conditions to demonstrate that Canada is open for business so that we are globally competitive. Let’s make the regulations timely and clear.”
All Canadians are asked to visit www.imaginethepotential.ca to learn more and to become a supporter of the Newfoundland and Labrador oil & gas industry. Further information is available on the site about the campaign and this information can be shared via social media. Visitors are encouraged to sign on as a supporter and receive information throughout the evolving and dynamic campaign. Supporters can also send a letter to the Prime Minister pledging their support for the industry.
“Today is just the beginning. We will be releasing more important information about our campaign in the weeks and months ahead. I encourage everyone to learn about our industry and share this information with their friends and family, as well as MPs and MHAs. Our industry is a nation builder; let’s all work together in the best interest of Canada and Imagine the Potential,” concluded Johnson.
A copy of Charlene Johnson’s speaking notes from the Imagine the Potential campaign launch are attached.
Media contact:
Ken Morrissey, Senior Advisor Communications, Research and Policy
Office: 709-758-6617 | Mobile: 709-725-5172 | kmorrissey@noia.ca | @NoiaNL
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/7b38ff2a-ec39-4844-9adc-fc9dd4801a0a
A pdf accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/6bcda553-0240-49a5-bbd0-b801987090ca
