Terra Nova’s return is Great News for Atlantic Canada and the World

About 350 kilometres southeast of St. John’s in the deep blue waters of the Atlantic sits the Terra Nova offshore oil project—an 18-storey-high and three-football-field-long boon to Atlantic Canada’s economy and world energy security. According to St. John’s Mayor Danny Breen, ‘There’s lots of numbers you could use to demonstrate Terra Nova’s contribution to our province and community, from the royalties and taxes it generates for governments or the jobs and contracts it provides to people and businesses; but to see it come back after some delays is great news for the province and the offshore industry.’ The massive vessel makes its return after undergoing upgrades that will extend its life by 10 years and add an additional 70 million barrels of oil capacity. Early estimates have the project producing 180,000 barrels of oil per day by 2025, which means quality jobs for the 710 workers it employs directly, 90% of whom reside in Newfoundland and Labrador. ‘Oil is going to be around for a long time, even if demand decreases, because it is an essential part of so many products we use today. And that’s important for us because the offshore industry supports many families across Newfoundland and Labrador today,’ Breen says. With demand for oil surging in Asia and Europe looking outside of Russia for suppliers in the aftermath of the war in Ukraine, Terra Nova’s return isn’t just great news for the local economy; it represents a proudly Atlantic Canadian solution to global energy security.

You can check out the full story at energynow.ca