1999 |
|
Hibernia production increases to 36.4 million barrels
Highest oil exploration in a decade
Records set for landed value and production value of fish
Province hosts Canada Winter Games and celebrates Soiree ‘99
Province leads country in GDP and employment growth
|
1998 |
|
Construction begins on $2.8 billion Terra Nova development
Offshore royalty regime announced for petroleum industry
Transshipment Terminal receives first oil shipment from Hibernia
Province
commences formal negotiations with Québec for further hydro
development on the Churchill River
Province hosts Softworld ‘98, attended by a record 775 delegates
Province leads country in GDP growth
|
1997 |
|
November 17 - Hibernia produces first oil
First ever inshore shrimp fishery for North East Coast and Labrador
Iron Ore Company of Canada commences $650 million investment program at
Labrador City
Province hosts Cabot 500 Celebrations
Introduction of Harmonized Sales Tax, Province’s largest tax cut
|
1996 |
|
Inco purchases Voisey’s Bay deposit
Development Plan Application submitted for Terra Nova |
1995 |
|
Second fibre optic link established across Island and Gulf
Economic Diversification and Growth Enterprises (EDGE) program introduced
Hibernia construction phase reaches peak employment
Increased focus on successful shellfish fisheries, particularly crab
|
1994 |
|
Nickel, copper and cobalt discovery at Voisey’s Bay
Most groundfish species closed under a long term moratorium
Transitional fishery compensation programs rolled into one long term program
Onshore royalty regime announced for petroleum industry
|
1993 |
|
Quota reductions for Gulf cod fishery and suspension of South Coast
cod fishery
Transitional assistance announced to help affected fishery workers
Fiber-optic based transmission system completed across Island and Gulf
North American Free Trade Agreement implemented
|
1992 |
|
Northern cod fishery closed and transitional assistance program
announced |
1991 |
|
Economic recession in Canada
Hibernia construction begins at Bull Arm
|
1990 |
|
Groundfish quotas, especially Northern cod, in decline
Agreement reached between federal and provincial governments and Hibernia
consortium to develop oil field
Record annual average employment of 207,400
|