Newfoundland and Labrador is the most easterly point in North America and has its own time zone. In addition to its natural beauty, the province has a unique heritage linked to the sea. The oldest colony of the British Empire and a strategic prize in Canada’s early history, the province has long been known for its fisheries, coastal fishing villages and distinct culture. Today off-shore oil and gas extraction contributes a substantial part of the economy. Labrador also has immense hydro-electric resources.