Thanks to former Premier Danny Williams, Newfoundland & Labrador has a state owned oil company. Williams wanted his province not only to benefit from the royalties from offshore oil but to have the benefit of ownership as well. This led to the creation of the Oil & Gas Corporation of Newfoundland & Labrador (OilCoNL), the crown corporation that holds equity in three major oil fields, Hebron, White Rose and Hibernia. The company originally began as a division of Nalcor before becoming a crown corporation in 2019.

Our podcast this week features a very interesting conversation with Jim Keating, the CEO and employee number one with OilCo who provided a comprehensive overview of the financial return associated with a state owned oil company and the enormous opportunity of the province's offshore oil & gas sector. The province earned $1.5 billion in royalties from the offshore in the last month alone. The offshore oil sector provides about 20% of the province's annual GDP. OilCo now has accumulated $1.3 billion in assets as a result of its investments to date and earned nearly $800 million in dividends since 2010. Keating indicated that Oilco has a legislated right to purchase up to 10% equity in any new discovery that leads to a producing well. The company is expected to take equity in the Bay du Nord project which is expected to be confirmed in early 2027. Bay du Nord's initial phase is expected to generate 500-600 barrels of oil over its lifetime and is the first of several phases. There are interesting lessons for Nova Scotia in the success of OilCo as it attempts to restart its offshore oil & gas sector.

One of Canada's most prolific and celebrated thinkers on regional economic development in Canada, Université de Moncton professor Donald Savoie is back on the Insights podcast to discuss his latest book, a biography of former New Brunswick Premier Louis J. Robichaud. This is a timely work that exposes a new generation to LJR's radical program to foster Equal Opportunity in New Brunswick, spanning everything from regional economic development to health care and education. Savoie tells Don and David about Robichaud's biggest reforms, including the modernization of the public service, the centralization of government administration in Fredericton, and the establishment of the Université de Moncton. He also suggests that LJR might not have been effective if he were leading the government today in the era of social media and deepening skepticism of politics. This was a thoroughly interesting conversation and well worth an hour of your time.

On this week's Insights podcast, Don and David talk with David Chaundy, President and CEO of the Atlantic Economic Council. The Council was established back in 1954 to provide research and support to economic development efforts across the region. Chaundy has been running the organization since 2018 and is passionate about its role helping the region address its biggest challenges and opportunities. We discuss everything from growth industries to demographics and the importance of regional cooperation. At times sobering (e.g. when Chaundy rattles off statistics about our health care and education systems) and inspiring (e.g. when he makes the case for a long-term vision), you will enjoy the conversation. You can learn more about the council and download public research reports at https://atlanticeconomiccouncil.ca/.