Economic Development Benefits of the Oil and Gas Industry in Newfoundland and Labrador: Conference held March 16, 2007 at the Delta Hotel in St. John’s, NL

Abstract

This conference was organized in response to a surprising disconnect in Newfoundland and Labrador: while petroleum exploration and production are major, growing contributors to the provincial economy, there is very limited discussion of these impacts and their community economic development potential. The conference had two major objectives. It aimed to build awareness about the benefits of the oil and gas industry in the province, thereby informing a range of stakeholders about the opportunities and challenges for maximizing economic development benefits from this industry. Second, it aimed to initiate a realistic dialogue with an important cross-section of stakeholders on how the industry could be a priority for growing the provincial economy. Ultimately, however, the goal of the conference was to identify ways in which economic development from the oil industry is being fostered right now and specific new opportunities to make the most of the sector in the future.