Placentia Bay Region: Meca of Opportunity

Despite the challenges of the last few years, the people of Placentia and the province of Newfoundland and Labrador forged forward with hope and determination.

The recent Placentia Bay Industrial Showcase (PBIS) took place at the Star hall in Placentia and focused on the positive projects to come. The conference outlined what was possible and what opportunities are on the horizon. The annual conference MC’d by Claudette Pittman, Chair of PBIS, took the region by storm as leaders and visionaries shared their plans in overcoming challenges and moving into the next phase of projects and developments for the region. Keen Payroll was one of the many exhibitors along with Integrated Logistics, North Atlantic, SDP, Eimskip and CBDC Avalon West, to name a few. A wide range of delegates from all across Canada attended.

After a long drawn out process with Covid-19, this gathering was a welcome change and an opportunity for everyone to get ‘back on deck.’

Deputy Premier, Minister Siobhan Coady opened up sessions with positive outlooks and the way forward. In the first session business leaders profiled their sentiments on the plans for a prosperous future and included; Keith Pearson from the Town of Placentia, Charlene Johnson, CEO of NOIA, Corey Parsons, Director of Business Development and External Affairs from Trades NL.

Participants had a creative Speed Networking session allowing them to meet key individuals quickly and easily. An innovative way to get to know attendees and speakers alike. Companies shared their new projects, innovations, product and services in the exhibition.

The Port of Argentia is one of the most strategically positioned for global import-export, energy, minerals, tech, and other commodities. Its geographic position and sea lane proximity make it a meca-region to house marine-related industry sectors is second-to-none. Those from the Argentia region gave an overview of the many projects taking place at the Port of Argentia.

Speakers included Scott Penney, CEO, Port of Argentia, Alex Troake, Business Development Manager of TMSI, and Tara Laing, Director of Corporate Communications for Marine Atlantic. 

Providing an in-depth understanding of the aquaculture opportunities in the province were Mark Lane, past Executive Director of Newfoundland Aquaculture Industry Association, Carey Bonnell of Ocean Choice International. 

What’s very clear is the aquaculture industry in the province is in its infancy and there are enormous opportunities to come with on-land and at-sea aquaculture innovation.

Addressing industry and innovation a powerful team of speakers showcased the power of forward-thinking and laid the foundation for the tech industry that is about to happen in the province.

Kieran Hanley the Executive Director of econext spoke about accelerating cleantech growth in Newfoundland and Labrador. 

Paul Preston, CEO of techNL also paved the way for a tech-centered future as a possibility for lifting the island out of geographic restrictions and creating a foundation for being globally competitive.

Perhaps one of the most exciting projects on the horizon is LNG offshore Newfoundland. This coupled with Qatar Gas having a 40 percent equity investment offshore, and the local commitment by LNG Newfoundland to bring Natural Gas to market are very powerful signs of things to come.

The new LNG project happening offshore Newfoundland is focused on permitting and developing LNG infrastructure needed to monetize significant stranded natural gas in the Jeanne d’Arc Basin, offshore Newfoundland. LNG Newfoundland and Labrador is Canada’s opportunity to provide clean natural gas to growing markets in Europe. Once operational, the natural gas will produce some of the cleanest LNG in the world.The project will create enormous business opportunities and jobs while reducing impacts of climate change and air pollution globally. The Project requires a centralized offshore gas hub, a pipeline, and natural gas liquefaction facilities, and an export terminal at Grassy Point, Placentia Bay, NL. For more details on this project: www.lng-nl.com

Key Note speaker Andrew Parsons, Minister of the Department of Industry, Energy & Technology gave the final address. Forever the consummate supporter of the provinces people and companies Minister Parsons gave an optimistic outlook of things to come. Given all that the province has gone through and overcome, we have exciting times ahead.

It is predicted that when the oil and gas industry comes back on stream, the next 25 years will bring $100 Billion + in royalties and revenue from the offshore oil and gas industry. It is forecasted that the number of oil and gas jobs in the province will DOUBLE to approximately 56,000 people in that same time frame. All of that activity plus new oil finds to come, mean that wages and consumer sending will more than DOUBLE, and 15,000 new housing units will come into play by 2045 is predicted.

In order to build that prosperous energy future, we need to drill more and focus on project ownership. It has to be a Canadian mindset and mandate as well as a provincial one. The smartest politicians will see that possibility and will invest in the time needed to make it happen. Petroleum is the biggest game that Canada has in its resource nest egg and utilizing fossil fuels to bring in renewable energy, is the way to advance and prosper simultaneously!

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October 25th and 26th 2022
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