Investing In Opportunity In Atlantic Canada
Authors: Mills P. 
Published: March 2010

As you browse through this issue of the Journal of Canadian Petroleum Technology, I am sure you will find that industry prospects on the east coast of Canada are exciting and dynamic. In my role as Vice President of the Atlantic Canada Opportunities Agency (ACOA) in Newfoundland and Labrador, and as Federal Co-Chair of the Canada/Newfoundland Offshore Development Fund, I have been both interested and engaged in the evolution of the petroleum industry on Canada's east coast. While most members of the Petroleum Society are no doubt wellaware of the rapid growth of the offshore petroleum industry in Atlantic Canada, this issue offers ACOA an opportunity to describe our participation in that development, and the ways in which we can work together to further economic growth in the region.

ACOA was established by an Act of Parliament in 1987 to work in partnership with the private sector, and with federal and provincial departments and agencies to increase opportunities for economic growth in Atlantic Canada. In 1996, the Agency became a member of the Government of Canada's Industry Portfolio which consists of 13 departments and agencies. These include Industry Canada, the National Research Council of Canada, Western Economic Diversification Canada, the Canadian Space Agency, and the Business Development Bank of Canada.

In Atlantic Canada, ACOA is responsible for the development and delivery of business programs and services which are relevant and sensitive to local needs and conditions, the coordination of federal economic development program activities, and the advocacy of local concerns in the development of national policies, programs and services.

To facilitate this mandate, ACOA has offices in each of the four Atlantic provinces and delivers programs created specifically to meet the local needs. In addition, ACOA delivers federal programs such as the Canada Infrastructure Works Program (CIWP), while each office participates in federal-provincial shared cost initiatives which promote economic development. In Newfoundland, for example, the Canada/Newfoundland Agreement on Economic Renewal is a $100 million, five-year fund targeted at tourism, aquaculture and advanced technology.

The Business Development Program (BDP) is described as ACOA's flagship. Accounting for approximately 25% of ACOA Newfoundland's annual expenditures, the BDP provides access to capital in the form of interest-free, unsecured, repayable loans. Entrepreneurs throughout the province are creating new jobs, new services and new possibilities with assistance from the BDP. In the petroleum technology sector, the BDP supports small businesses involved in such diverse areas as instrumentation, geomatics, radar systems, ice-detection, seismic technology, model testing, acoustic imaging and non-destructive testing. In addition, ACOA offers its clients assistance in creating business alliances through our Business Networks Program.

ACOA has long recognized the integral role which is played by the offshore sector in this province, and has made a significant investment in the development of petroleum technology, and related technologies and services. As exploration continues to confirm predictions of a 500,000 bpd oil industry in the near future, we anticipate increased involvement with new and expanding businesses and related infrastructure development.