- Canada Action
Video Script:
Nova Scotia is sitting on vast offshore energy resources — nearly 49 billion barrels of oil and 148 trillion cubic feet of gas — which, if developed, could support good-paying jobs and help fund critical social programs that Canadians rely on.
Just look at what the industry did for Nova Scotians before it was decommissioned back in 2018.
The Sable Offshore Energy Project, for example, paid about $3.7 billion directly to Nova Scotia’s government over 20 years, an amount equivalent to the cost of approximately 125 high schools. [1] It also supplied the fuel to power local homes, businesses and hospitals, energy which is now imported into Nova Scotia from foreign markets.
Sable also created steady work and training, creating 27 million person-hours of work in Nova Scotia, and another 4.3 million person-hours in other parts of Canada.
Back in the late 1990s and early 2000s, natural resource investment accounted for about 20% of business investment in Nova Scotia — often totalling more than $1 billion a year. But following the shutdown of the offshore sector, today it averages just 2.3% — roughly $140 million annually. That’s an epic drop with real consequences for jobs and provincial revenues. [2]
Rebuilding Nova Scotia’s offshore sector means restoring local jobs, training, energy security and the steady revenues that fund everyday services in every community. It means supporting a stronger, more self-reliant Nova Scotia - and a more resilient Canadian economy.
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SOURCES:
1 - https://news.novascotia.ca/en/2019/01/03/benefits-sable-will-flow-nova-scotians
2 - https://www.fraserinstitute.org/commentary/offshore-petroleum-bid-good-news-nova-scotia-should-be-just-beginning