Facts about Atlantic Canada’s Energy Sector:

  • Canada’s energy sector pays more than $12 billion annually to governments.
  • The Government of Newfoundland and Labrador expects $1.55 billion in oil and gas royalties this year.

In its 2024 Budget, the Government of Newfoundland and Labrador forecasted royalties collected from the offshore oil and gas sector will be $1,551,300,000, or roughly 15.1% of the province’s entire operating budget.

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