Energy Minister Lloyd Parrott is very optimistic about long-term job prospects with estimates of more than $400 billion worth of natural gas in unlicensed fields off the coast of Newfoundland and Labrador.

The provincial government released the results of the second phase of its Natural Gas Resource Assessment yesterday.

Parrott says the results bode well for the future of natural gas development in the province. He sees significant spin-off benefits from natural gas, including secondary processing.

“There is technology out there now that allows liquefication at sea based on waves and all kinds of other factors that play into it. But I think that Newfoundland and Labrador needs to seize every single opportunity that it can, whether it’s with our offshore or our mining resources,” he told reporters.

“If we’re going to make this a better place for all of us, then part of that includes industry, secondary processing, the ability to get long-term sustainable jobs where people want to live here and not just fly in, fly out.”