Something else I never would have suspected is the wealth and industrial opportunity that have become so evident throughout the region: the $25-billion Irving Shipbuilding contract; the $450-million topside and GBS contracts for Hibernia; Shell’s $970-million exploration commitment offshore Nova Scotia; the imminent start to development of the Muskrat Falls hydroelectric project in Labrador with its connection to Nova Scotia. These projects represent a considerable infusion of wealth into the region – and everywhere I look, I see the Top 50 CEOs, poised and ready to demonstrate what Atlantic Canadians can do.

They’re not just passively waiting for opportunity to arrive either. This amazing collection of go-getters is also creating their own prospects for professional fulfillment. Take Tanya Shaw, for example, and her custom-fit clothing analysis machine. Or Anne Whelan and Cathy Bennett, who seem to launch or acquire a new business every other year. Or Wadih Fares and his innovative building design/project management/development company. Or Jamie King, Dianne Kelderman, Ron Lovett … I could go on – but that’s what our cover story is for. Please, read these profiles. Their stories truly are inspirational and it’s our privilege to share them with you.

The credit for selecting such a dynamic group of award winners belongs to the judges: Robert Zed, Rob Sobey, Mark Surrette, Terry Malley, Chris Hickman and Hollis Cole. Despite the demands of their own businesses and volunteer activities, they made time in their incredibly busy schedules to dedicate many, many hours to carefully weighing the merits of each and every nominee. On behalf of everyone here at Atlantic Business Magazine, I’d like to thank them for their diligence and dedication.

I’d also like to recognize the efforts of our staff for going above and beyond when it comes to giving the Top 50 CEOs the recognition they deserve. Every year I think there’s no way you can top the success of the year before – then you go ahead and amaze me again. You deserve a standing ovation.

Finally, I want to extend my sincere appreciation to the corporate sponsors, many of whom return to support this program year after year. Through their sponsorship, they are doing their part to encourage the growth and development of great leaders in Atlantic Canada. Let’s do our part and show them our support in return.

By working together, we can continue to increase our regional leadership talent pool. And that’s a win/win for everyone.

Actually, that’s not quite accurate. I don’t think they’re unaware of their homeland’s acute shortage of skilled labour. I believe it’s more that they don’t know whether they can trust that the good fortune is here to stay. Or, if there’s sufficient work here to warrant giving up a guaranteed high-paying job with all the hours they can work and unbelievably generous bonuses too.

There’s an old adage that a bird in the hand is worth two in the bush. Like a lot of old adages, it’s true — but this is one of those occasions when you really need to understand and appreciate the big picture because individual snapshots do not give our region’s industrial scene its due. When the situation is fully assessed in its proper context, the appropriate response to all of the above-mentioned doubts is an unqualified, resounding: “Move home? Heck, yes!”

That said, I can understand (sort of) how anyone looking at each project individually might conclude that several years of work constructing Vale’s Long Harbour nickel processing facilities might not be enticement enough to quit the rich Alberta oil fields. Nor might that person be moved by similar employment opportunities associated with just the $450-million topside and GBS contracts for Hebron. Likewise Irving Shipbuilding’s $25-billion defence contract. Or the required effort to harvest 220-million bbls (and counting) from the Hibernia South extension. Or Shell’s $970-million exploration commitment offshore Nova Scotia. Or the highly anticipated Muskrat Falls hydroelectric develop-ment in Labrador.

It’s true. One of these projects, in and of themselves, might not be sufficient motivation to uproot kids and kin. But together, they provide a continuity of financially prosperous and personally rewarding work that virtually guarantees steady employment for this generation and the next.

Equally exciting are the spin-off jobs in associated industries such as the post-secondary sector with its emerging specialty programs in deepwater, engineering, ice avoidance, and northern environments. The hotel and convention trade, too, is growing, as are information technology, service and supply companies, the legal sector, real estate markets, and on and on and on it goes.

Which reminds me of another old adage: there’s a saying that money attracts money, and that’s definitely true here in Atlantic Canada. The level of investment that’s been pouring into our energy-rich region over the past five years is already attracting the attention of other international players. The more they learn about our stable government and regulatory regime, our fabulous standard of living and high levels of education, not to mention our business-friendly environment (Play Fairway, anyone?) and our wealth of as-yet untapped resources, the more these companies want to get in on the action.

These really are exciting times in the Maritimes and it’s my personal opinion that we’ll never see hard times here again. And who better to share it with than family and friends? Let’s get our people home. Not only will it immediately cure the skilled labour shortage, but it’ll make for one monster of a party. We have a lot to celebrate after all.

Everyone who knows me knows that I am one of the world’s most determined optimists. My glass is never less than half full. There’s always a bright side. And tomorrow will indeed be a better day. I guess that’s why, even in the darkest days of the global recession, I’ve felt that Atlantic Canada had all the raw material it needed to achieve prosperity. The reality, however, surpasses my brightest imaginings.

But don’t just take my word for it. The facts speak for themselves.

Fact: Vale, the world leader in nickel production and processing has a substantial operation right here in Newfoundland and Labrador. They have a world-class mine and concentrator operating in Voisey’s Bay, Labrador, and a commercial nickel processing complex under construction in Long Harbour, Newfoundland. With that has come incredible opportunity for aboriginal people (80 per cent of supply and service contracts awarded to aboriginal-owned companies); women (10 per cent of the construction workforce and 23 per cent of engineering and technical roles are filled by women); and local businesses (the spinoffs from the $1.9 billion Long Harbour construction project alone are astronomical).

Fact: Nova Scotia’s $15-million Play Fairway analysis provides critical evidence which could help that province attract new players to develop its offshore potential. The study indicated there could be upwards of 120 trillion cubic feet of natural gas and eight billion barrels of oil in the region — as much as triple previous estimates.

Fact: all four Atlantic provinces are committed to reducing their reliance on fossil fuels and increasing development of greener energies such as wind, tidal and hydro power. The proposed Muskrat Falls hydroelectric project in Labrador is a particularly poignant case in point. Not only is it a tremendous source of renewable energy, but it’s already forging collaborative business partnerships throughout the region.

Do you need still more facts to be convinced? Look at Warren MacLeod and his interest in restarting mining operations in Buchans, N.L. (page 12). Think of Golden Dory and their determination to develop gold mining projects in Newfoundland (page 13).

Stop for a minute to reflect on Nova Scotia’s Deep Panuke natural gas development that’s about to come on stream. Consider, if you will, the wealth created by our region’s current offshore projects (Sable, White Rose, Terra Nova, Hibernia) and the strength of our own home-grown industrial partners (Irving, alone, is a powerhouse by anyone’s standards).

Now envision how that will expand as future investments prove even more resources and opportunities for development. Truthfully, there’s never been a better time than now to do business in Atlantic Canada.

When you think of all that, you can’t help but smile.

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It was devilishly warm at this year’s Offshore Technology Conference in Houston. And I’m not just talking about the weather.

There’s a particularly heated, energetic atmosphere that comes with an oil show. Everyone is so obviously excited — pumped, if you’ll pardon the pun — that you can’t help but be motivated by the action. To see such a large and divergent group of suppliers, developers, regulators and government types in the same area, and all of them focused on similar goals (namely, the safe and feasible development of petroleum resources) … well, I find it inspiring.

It’s even better when you get to see the source of that inspiration come to fruition. When you can watch a super idea become superb reality.

A decade ago, Hebron was little more than a wistful daydream. Today, it’s “barreling forward” (see “Barreling forward“). ExxonMobil has submitted its development application for the minimum 600-million-barrel project, and there’s even a tentative first oil date of 2017.

Deep Panuke, too, was little more than a pipe dream in the not-so-distant past. Now, it’s only months away from becoming Nova Scotia’s second offshore gas project, and a 632 Bcf contributor to the North American power supply.

There’s even more great news. Prince Edward Island is investing in innovative ways of bringing natural gas to its shores, a move that will lower power costs for one of its biggest corporate citizens while also reducing greenhouse gas emissions. Meanwhile, New Brunswick is being advised to explore an offshore accord with Ottawa that could lead to even further development of offshore resources. And Nova Scotia is offering up $15-million worth of geological information to oil and gas companies interested in exploring its offshore potential.

It’s got me fired up. How about you?

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They say 13 is an unlucky number. I beg to differ. This year marks the 13th anniversary of the Top 50 CEO awards — the corporate leadership recognition program we founded in 1998. The growth of the awards, and this magazine, since that time has been nothing short of phenomenal.

The Top 50 CEO awards program has grown in stature, number of nominees and even gala format (from a golf networking event to exclusive red carpet event). In the beginning, we were happy to receive the occasional pat on the back. Today, we are frequently greeted with an open-mouthed “wow.”

Not so long ago, one of our regular gala attendees described a similarly-themed event in Alberta. “I wish I could bring those event organizers to your event,” he said, “so you could show them how to do it the right way. Why is that we’re always so surprised here in Atlantic Canada when we do something better than the rest of the country?”

That last statement is particularly telling; it captures the essence of why we initiated this awards program in the first place. Why do we do this? Because of our proud determination to share the successes of Atlantic Canadian innovation and creativity, to promote our regional work ethic and entrepreneurial prowess to an international audience. With every magazine that gets picked up at a Maple Leaf executive lounge, with each edition that reaches business and leisure travelers in major hotels throughout the region, and with every person who attends the awards gala, we are sharing Atlantic Canada’s story with the world.

The contributing “we” in this instance refers to a broader contingent than our own hardworking staff (the best in the business, in my opinion). In addition to the months of in-house effort necessary to identify and recognize Atlantic Canada’s top corporate leaders, the Top 50 CEO awards also require the liberal assistance of our volunteer judging panel and the generous support of our corporate sponsors (see below).

I invite you to keep them in mind as potential business partners. They are unwavering supporters of Atlantic Canada’s business community; they deserve our loyalty in return.

Hubert Hutton
Publisher

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At first glance, this issue appears to indicate the Atlantic Canadian offshore scene is waning. Delving deeper, however, reveals an entirely different conclusion. Allow me to explain.

The cover story shows that the Newfoundland offshore is past peak production for current discoveries. All three of its producing projects, as well as the soon to be developed Hebron field, were discovered between 27 and 32 years ago.

A chart in our Developments section illustrates that offshore Nova Scotia produces less natural gas per year than offshore Newfoundland reinjects. Exploration is at a virtual standstill and there can be no more new developments without it.

One of our features originated in an oil company’s assertion that Newfoundland and Labrador is too expensive and lacks the onshore facilities to make a viable service and supply base for exploration offshore Greenland.

All in all, not a pretty scene. But if you keep reading, the bigger picture comes into view — and it’s a much more appealing image.

Sure, peak production is past — but that’s based on known resources. Exploration here is only in its infancy: 569 wells drilled offshore Atlantic Canada versus 11,050 offshore North Sea (U.K. portion, does not include Norwegian numbers). But our annual oil production is 18.8 per cent of theirs. Natural gas production here is 12.8 per cent of what it is there. And that’s with only five per cent of the drilling activity, demonstrating that exploration activity offshore Atlantic Canada has had a higher success rate to date than the North Sea (UK).

Regarding the issue of Atlantic Canada’s suitability as a service and supply base for offshore Greenland and Arctic exploration, well . . . rumours are rumours and facts are facts.

Fact: Atlantic Canada is physically closer to offshore Greenland and Arctic activity than either Aberdeen or Norway. It will take twice as long for a U.K. supply ship to reach Greenland as that same ship departing from Newfoundland. Geography alone automatically accounts for significant transportation cost savings over a U.K.-based supply chain.

Fact: the world’s pre-eminent experts in ice detection, surveillance and management are in St. John’s, Newfoundland (PAL, C-Core and Cougar Helicopters, among others). If you’re working in an ice environment, Atlantic Canada has the expertise you need.

Fact: we have a stable political environment that appreciates the value the oil and gas sector can deliver to the local economy, as well as political and industry leaders who want to increase exploration activity. Returning again to our cover story, you’ll read about the discussions already taking place on that very topic.

A half-informed person will erroneously assume that Atlantic Canada’s petroleum heyday is past. Natural Resources readers will realize that we’re only just getting started.

Just look at the Iron Ore Company of Canada: after 50 years in Labrador, they continue to expand their mining operations and have even announced plans to open a secondary office in St. John’s. Offshore, the Hibernia, Terra Nova, White Rose and Sable projects pump millions of barrels (oil) and countless cubic feet (natural gas) between them – and they will soon be supplemented by the Deep Panuke, Hebron and Hibernia South developments. Not to mention the future developments sure to come from continued exploration activity.

There’s a lesson in all this. If we can somehow squeeze more ore from the ground and multiply offshore developments in the inhospitable North Atlantic, imagine what our collective determination will do for renewables like wind power and hydroelectricity? If wind power is uneconomic because the power can’t be stored, we’ll find a way to make it work (see page Taking The Next Step). If Hydro-Québec won’t allow Lower Churchill power to be carried on their transmission lines, we’ll find a way around that too (see Upper Churchill Repeat?).

Twenty-one years ago, I was told I’d never make it in the magazine business. Since then, I’ve put out more than 3,750,000 copies of Atlantic Business Magazine and over 1-million copies of Natural Resources. I’m proud to say that this particular issue signals an increased circulation frequency for Natural Resources: we are now published three times a year. With everything that’s happening in the region’s energy sector, I bet we can make it four. Tell me I can’t, I dare you.

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I am an optimist, and proud of it. I may be a publisher, but I’m not of the breed which amplifies disaster for dramatic effect or monetary gain. I prefer to celebrate success, and to share stories where adversity is overcome. My glass is always at least half full. I determinedly walk through life with a whistle and a smile. Regardless how bad the news of the moment may be, I know that things could always be worse, and that tomorrow will surely be much better than today. But even I, confessed Pollyanna that I am, have had some difficulty seeing the bright side of the oil spill in the Gulf of Mexico.

For months now, we have been inundated with daily rations of doom and gloom. A massive explosion. Eleven people dead. The continuous failed attempts to cap the sprung well. A widening gyre of spewed oil. Coastlines and wetlands threatened. Fragile ecosystems under siege. Growing hostility and demands for immediate resolution. And only the bleakest prognostication for remediation. I admit that the silver lining is excessively thin on this one, but I am an optimist and I refuse to join the hopeless herd.

Yet, I am also a realist. I readily admit that I see no good whatsoever in the tragedy. It is a disaster of almost incomprehensible proportions, and I join with the company, its employees and indeed every sentient being on the entire planet in mourning the loss of life – both human and other. No, there is nothing positive to be found in the spill itself – but there will be in our collective response to this unprecedented event.

If you believe Newton’s law of motion, for every action, there is an equal and opposite reaction. Though it has not yet become fully evident, there is a growing groundswell dedicated to counteracting this catastrophe, and preventing a similar event from ever occurring again. There are countless scientists and billions of dollars committed to spill prevention and leak containment, to wildlife protection and environmental remediation, to new technologies and more effective safeguards. Piece by piece, and step by step, these things are already making themselves known. Mark my words: we will see much more of the same in the weeks, months and years to come.

History shows that events such as these are often responsible for momentous advances in human knowledge. I do not celebrate the oil spill, but I do look forward to the enhanced pool of wisdom that is sure to come. The price we’ve paid is too dear for it to be otherwise.

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As publisher of Atlantic Canada’s largest circulation business magazine, I travel extensively, regularly heading to Toronto, Calgary, Houston, Aberdeen and Stavanger. Literally and figuratively, travel broadens your horizons. Never was this more apparent than in the past 12 months.

Usually, my journeys leave me with a sense of awe and amazement at the wealth and industry I see beyond our borders. This time, however, it was this region that set the example for other jurisdictions. Where those locations were depressed and gloomy, our economy buzzed with talk of major projects like Hibernia South, Deep Panuke, Lower Churchill, wind power, and more.

Truly, I don’t think the Atlantic economy has ever looked so good, and the results achieved by this year’s Top 50 CEOs reinforce that perception. Collectively, these 50 individuals, and the companies they operate, generated over $12.5-billion in revenue, provided jobs for more than 57,000 people, volunteered with over 500 community and industry organizations and donated more than $38-million to charity. It’s enough to make you question if we even had a recession.

Seriously though, achieving these types of results, particularly under such grueling fiscal circumstances, is no mean feat. That these 40 men and 10 women retained their commitments to growing the greater community while having to realign their corporate strategies to new global realities makes their achievements even more worthy of recognition. With each accomplishment and triumph, they further validate the Top 50 CEO awards – Atlantic Canadian corporate leadership has never been more deserving of celebration.

This particular celebration wouldn’t be possible without the generous support of our corporate sponsors. A sincere thank you to them for their invaluable contributions. Gratitude is also owed to the Judges for donating their time and expertise to selecting this year’s award recipients. Last but not least, I’d like to acknowledge the dedicated efforts of our staff in organizing the awards gala and, of course, this magazine.

If there’s one thing I’ve learned after 25 years in the publishing business, it’s that enterprise and entrepreneurial activity is always an adventure. I can’t wait to see what this year’s travels bring.

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Who would have thought, 25 years ago when we signed the Atlantic Accord, that Atlantic Canada’s petroleum industry would have progressed as far as it has?

From our fog-shrouded shores have sprung three producing oil projects, one natural gas project in production with another slated to come on stream later this year, billions of barrels of oil produced, trillions of cubic feet of natural gas tapped, several refineries, thousands of people employed, inestimable amounts of infrastructure, billions and trillions more resources awaiting discovery – on and on it goes.

Yet, despite everything we’ve accomplished, there are still some naysayers out there who mock our progress. “We’re too small,” they say. “We’re nothing compared to the North Sea and Gulf of Mexico.” We may not be their equal – yet, but we’re a young, underexplored region and they’re mature basins with declining reserves. I know which position I’d rather be in.

Not so long ago, a senior oil executive told me (off the record) that Atlantic Canadians aren’t as proud of their petroleum resource as they should be. “I don’t think you realize what you have,” he said candidly. “A small Saudi Arabia, that’s what’s out there.”

Given how far our closest fields are located from land, more than a thousand times further than the most clear-eyed eagle can see, I can understand why people might not appreciate the extent of the activity taking place offshore. Out of sight truly is out of mind. Thankfully, a very visible change is underway.

Our onshore service and supply sector is growing apace with its offshore counterpart, with manufacturing facilities and fabrication yards appearing across the region with increasing regularity. Our industrial parks are growing, our knowledge base is expanding, and the collective awareness of the opportunity which faces us now, at this momentous point in our history, is beyond what any of us might have envisioned in our wildest dreams back in 1985.

We are on the verge of becoming the next Aberdeen, a hairsbreadth from turning into another Stavanger. Or, as one prescient oil exec put it, we’re a small Saudi Arabia in the making. Guess it’s time to break out the Oakleys.