Newfoundland and Labrador's offshore oil industry, centred on fields like Hibernia, Terra Nova, and Hebron off the province's coast, has been a major economic driver since the 1990s. The Canada-Newfoundland and Labrador Offshore Petroleum Board jointly manages these resources. Offshore oil generates significant provincial royalty revenues, employment, and supply chain activity. However, fluctuating oil prices create boom-and-bust economic cycles affecting provincial budgets and municipal communities dependent on industry activity. St. John's and surrounding areas particularly benefit from offshore oil employment and services. Climate change concerns and energy transition discussions create uncertainty about the industry's long-term future.