Offshore oil and economic development : a Newfoundland perspective

Abstract

The offshore oil industry is dominated by huge multinational corporations, is technologically complex, has a distinctive culture, and is highly mobile in the exploration phase. It can appear off the coasts of island and other maritime states at relatively short notice, presenting a variety of opportunities and threats to the local economy, society and culture. This has been the experience of a number of islands in the North Atlantic, including the Shetlands, Orkneys, and Newfoundland. Other Atlantic islands, such as the Faroes and Falklands, are experiencing the early stages of such interactions. The size and nature of the industry are such that this generates high levels of excitement and apprehension.