Newfoundland & Labrador, 5 Reasons Why You Want to be Here!
Newfoundland, Canada, has become a hot spot for energy investors worldwide because it offers an overall package of investor criteria that tick all the boxes. Here are five things to keep in mind when you’re considering your global expansion options:
- Newfoundland and Labrador are strategically located on Canada’s east coast and is ideally positioned to do business with markets around the world. St. John’s, the capital city, is experiencing the country’s highest level of productivity, and, according to Statistics Canada, Newfoundland and Labrador’s GDP recorded the largest 6.1 percent increase among the provinces in real GGP in 2010.
- Newfoundland and Labrador has nearly three billion barrels of oil and 11 trillion cubic feet of natural gas discovered to date, an estimated undiscovered potential of six billion barrels of oil and 60 trillion cubic feet of natural gas. Newfoundland’s Hibernia, White Rose and Terra Nova account for about 40 percent of Canada’s conventional light crude output. Additional developments include Hibernia South, Hebron and North Amethyst, which have been sanctioned and are currently under development.
- The oil and gas industry is supported with project funding such as the Manufacturing and Services Export Development and the EDGE Program. Tax incentives are provided to EDGE designated companies for a period of 10 or 15 years, followed by a five-year period of partial rebates.
- Newfoundland and Labrador has a powerful support infrastructure. It is strategically positioned on international shipping lanes, with deep-water, ice-free ports, giving exceptional access to global markets. It also has some of the top research facilities in the world.
- The provinces’ capital city “St. John’s” is seeing ongoing construction offer new Class “A” office buildings and an array of industrial park options that support St. John’s and the surrounding area.
One thing is very clear, Newfoundland and Labrador is at the beginning of its energy industry legacy. The opportunities are endless, and for those seeking a very stable, clear and concise business regime, this province offers a wide-open market for entrepreneurs, visionaries, oil companies and contractors.
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