Is Newfoundland and Labrador ready for the full impact of sustained prosperity?
The first barrel of offshore oil produced in 1997 from Hibernia signalled the birth of a new industry that would contribute to the diversification of Newfoundland and Labrador’s economy. Political rhetoric notwithstanding, and after the initial enthusiasm and speculation associated with the discovery of the Hibernia field in 1979 had been tempered, the offshore oil and gas industry was seen as a source of additional employment, business activity, and provincial government revenue.
