Large amounts of crude oil and natural gas exist beneath the ocean floor off Canada’s coasts. The development of the offshore industry has provided valuable trade resources for Canada as well as jobs for thousands of Canadians.

Until now, the industry has focused mostly on the East Coast, but oil and gas resources are located along the West Coast too. Be that as it may, there have been moratoria in place since 1972, preventing its development.

The BC and federal governments are currently considering the possibility of renewed offshore petroleum exploration and potential development off the West Coast, and drilling could start as early as 2010. To do so, however, the moratoria will have to be lifted.

While there are certain economic opportunities involved with the development of BC’s offshore industry, there are also a number of concerns associated with it as well, including environmental hazards and economic risks.