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The Coastal Economy

The promise of jobs for economically depressed coastal communities is an empty one. The truth is, more jobs could be at risk for British Columbia’s coastal communities. The offshore oil and gas industry is highly specialized causing oil companies to likely bring in experienced crews from other projects. In fact, these specialized work crews travel the globe from site to site, which would limit the possibilities for local people, who would need training in offshore surveying, exploratory drilling and facility construction. Also, the global and competitive nature of this industry leaves little room for local control or economic benefits. A report contracted by the provincial government stated, “government must recognize that major benefits from offshore development tend to flow out of the province. The return on investment will flow out of the province to non-resident operating companies. In the Atlantic, for example, most of the oil and gas is exported to the U.S. Few local companies played a significant role in supplying goods and services during field development.”

 For further reading about the economic realities of Newfoundland's offshore oil and gas industry click here.

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“Government must recognize that major benefits from offshore development tend to flow out of the province. The return on investment will flow out of the province to non-resident operating companies.”

- Taken from a provincial government report