NRCan: NOIA Praised for Offshore Success

"The Newfoundland and Labrador offshore is poised for strong growth in the future and our government is pleased to be part of this success," said Lunn.

"The government of Canada is committed to fostering continued prosperity by supporting innovation and a competitive environment for the offshore."

The energy sector is becoming increasingly more important to this region, experts said.

Newfoundland and Labrador's gross domestic product (GDP) growth rate is currently three times the national average, and the energy sector now accounts for one-third of the province's industrial GDP.

Lunn also announced the creation of the Atlantic Canada Energy Office.

The office will engage in attracting investment in the offshore energy sector, improving trade and market development for supply companies in the region and enhancing coordination and support for energy science and technology.

The office will be located in St. John's and will co-locate existing federal resources and draw on the collaborative efforts of officials from both Atlantic Canada Opportunities Agency (ACOA) and Natural Resources Canada (NRCan).

Source: Natural Resources Canada (NRCan).