Petroleum, or crude oil, is one of the most valuable commodities traded in the world, and offshore Newfoundland holds about 28% of Canada's conventional oil reserves.
Newfoundland has 3 working undersea fields (Hibernia, Terra Nova, White Rose) and a fourth (Hebron) is gearing up now.
The offshore oil industry has made significant contributions to the provincial economy in recent years, pulling the province from its "have-not" status, and boosting it to a "have" status.
Almost a third? That's a rich reserve.
ReplyDeleteLike him or hate him, Danny Williams did a lot to pull NFLD out of some bad times.
ReplyDeleteThank you for visiting my blog. I love your part of the world...hubs and I made a trip to visit friends on PEI, then worked our back down stopping in some lovely spots. Good luck with the challenge!
ReplyDeleteVery interesting stuff Bay Girl, had no idea that Newfoundland was so oil rich!
ReplyDeletegood times
ReplyDeleteI had no idea the amount of oil in Newfoundland. I love learning new things like this. Thank you for stopping by my blog and being a follower. i appreciate it very much
ReplyDeleteAmazing! and neat how much Canada has
ReplyDeleteSuch an interesting blog, so much information. Thanks for sharing.
ReplyDeleteNew follower, and a little late. Thanks for stopping by.
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