Mark Shrimpton
Jacques Whitford Ltd.
PRESENTATION
STRUCTURE
Introduction
Economic Benefits from the
Industry
Sustainable Economic
Development
Conclusion
ECONOMIC BENEFITS
Petroleum Research Atlantic Canada
Studies:
Petroleum Research Atlantic Canada
Government of Newfoundland and
Labrador
Canadian Association of Petroleum
Producers
Husky Energy
Memorial University
ECONOMIC BENEFITS
Annual mean,1999 – 2004
Real GDP up by 18.4%
Personal Income up 5.9%
Retail Sales up 5.1%
Extra Housing Starts: 85
Total Employment up 12,500 (6.0% of All
Employment)
Unemployment Rate down 2.3%
Population up 9000
ECONOMIC BENEFITS
Annual mean,1999 – 2004, and 2004
Real GDP up by 18.4% (24.3%)
Personal Income up 5.9% (7.6%)
Retail Sales up 5.1% (6.4%)
Extra Housing Starts: 85 (119)
Total Employment up 12,500 (17,300)
(6.0% (8.0%) of All Employment)
Unemployment Rate down 2.3% (3.1%)
Population up 9000 (16,000)
ECONOMIC BENEFITS:
INFRASTRUCTURE
Total Value: > $1.2 Billion
Industrial Examples:
Bull Arm construction site
Marystown fabrication yard
NEWDOCK sub-sea fabrication centre
Newfoundland Transshipment Terminal
Pipeyard, warehouse and operations centre
Supply base and heliport
ECONOMIC BENEFITS:
INFRASTRUCTURE
Memorial University of Newfoundland:
Earth science research
Cold ocean resources engineering
Visualization laboratory
Marine Institute:
Centre for Marine Simulation
Offshore safety and survival training
College of the North Atlantic:
Petroleum Training Centre
Engineering Technology Centre
OTHER ECONOMIC BENEFITS
Oil Revenues
Transportation and Communications
Education, Training and R&D
Economic Diversification
Sustainable Economic Development
SUSTAINABLE ECONOMIC
DEVELOPMENT
New Sector of Economy
Export of Petroleum Industry
Expertise, Goods and Services
Sales of Expertise, Goods and
Services in Other Industries
Increased Entrepreneurship, Self-
Confidence and Ambition
CONCLUSION
An Economic Development Success
Story
However, need for:
Wider recognition of the range, scope and scale of benefits
Wider recognition of diversification, transformation and sustainability
Greater efforts to build the industry
More federal activity in NL
Strategic thinking re further economic development