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St John's : Industrial Snapshot - Q3 2013

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St John's : Industrial Snapshot - Q3 2013

The key word continues to be “megaprojects” as mining and energy projects continue to drive
the economic activity that has the province leading the country in growth this year.

Current year spending on major projects according to The Atlantic Provinces Economic Council has Newfoundland and Labrador accounting for $9.4 billion; approximately 65.7% of the $14.3 billion to be spent in the Atlantic region as a whole. The expansion of the White Rose field has been amended to allow for use of a wellhead platform to be constructed at Argentia as opposed to the originally specified subsea development. This will result in significant additional employment within the province. The platform will deliver approximately 115 million barrels of oil, providing about $3 billion in royalties. Provincially owned Nalcor Energy is a participant in this joint venture with Husky Energy and Suncor.

Source : Cushman & Wakefield

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