Placentia and area residents are optimistic about Husky Energy's announcement of preparing for an extension to the White Rose oilfield.
Husky announced on Thursday that it will spend millions on the building of a new wellhead platform in Argentia, a project that's expected to generate 500 direct jobs at the peak of construction.
Spinoffs expected for Placentia
Three Sisters Pub owner Jane Hynes is excited about the news.
"Oh, I'm about six minutes away from the construction site, so, it's hopefully going to be that continuous clientele that we are going to be able to bank and schedule around," said Hynes.
It's positive news for a town that has seen its share of ups and downs since the Americans left the Argentia base almost 20 years ago.
'I think it's the beginning of a future, because Argentia I think has a great history as a military base, and it's going to be a base again, but this time for the offshore.' - Dr. Dan Greene
Hynes said there is hope that this project, and the infrastructure that will be built, will lead to a brighter future.
"We are looking at having Argentia established as an industry port, an industry hub for this part of Atlantic Canada. So hopefully it's not just this project. It's not a make-work project. It's actually establishing a new industry."
Placentia resident Dr. Dan Greene is also pleased with Thursday's news.
"Oh, it's great news really," said Greene.
"I think it's the beginning of a future, because Argentia, I think, has a great history as a military base, and it's going to be a base again, but this time for the offshore.
Through the confidence and enthusiasm however, some feel the area has been burned before, most recently when mining giant Vale moved its nickel processing plant from Argentia to Long Harbour.
"We've had so many close calls with the, you know, boom ... they're always a little hesitant on celebrating because we've done it too often with nothing to show for it," said Hynes.