The Newfoundland Offshore Industries Association has released the results of an analysis of the financial benefits of the Terra Nova project as the deadline set for a decision on the asset life extension project for Terra Nova fast approaches.

The project’s seven partners have to be completely aligned in order for the project to move forward. The deadline set by majority project partner Suncor is tomorrow.

Noia says the economic impact report by Jupia Consultants using available data shows the project has the potential to support over 1700 jobs and $138-million in wages during the asset life extension project state, and almost 3,400 jobs and $139-million in wages annually during its ten years of operation.

The report calculated the total royalties from the project, on the basis of $11 a barrel, at nearly $1.5-billion over ten years. That includes $880-million in royalties, $120-million in corporate income taxes, and $485-million in other taxes.