Economic Benefits
We can all benefit from Nova Scotia’s onshore petroleum activity.
They say every dollar spent in a local business recirculates several times, strengthening that community.
And that’s exactly what happens when petroleum exploration and development companies come to Nova Scotian communities: they start spending locally at hotels, restaurants, and stores. They hire local services. They buy from local sellers.
Those dollars then ripple out through the community and the province—spreading the benefits to people and businesses that aren’t even directly connected to the petroleum industry.
For example, Alberta-based Stealth Ventures Ltd. spent $15 million on coal gas exploration in the Springhill area.
Elmworth Energy Ltd. spent over $30 million exploring for shale gas in the Kennetcook area, with approximately half going directly to local goods and services.
They also contribute to the province through taxes and royalties. That’s money the province can invest in roads, school, hospitals, and other services to promote the social and economic well-being of Nova Scotians.
Our onshore sector is still growing, and that means we can all expect to see the benefits from it continue to grow as well.
Onshore Royalities
The Nova Scotia Department of Energy collects royalties for onshore petroleum production. Certain taxes are also payable in the onshore area. This link provides an overview of the royalty and taxation regimes.