September 18, 1996
(Executive Council)

Premier Tobin Pleased by Petro-Canada Announcement

Premier Brian Tobin said today he expects Petro-Canada and its partners to expand activities in the Jeanne D'Arc Basin of the Newfoundland Offshore.

"Petro Canada's announcement means the company will be concentrating its offshore oil and gas activities on the east coast solely in the Newfoundland offshore. This augers well for the future development of Terra Nova, White Rose and the other prospects in which Petro Canada has an interest," said the premier.

"Along with Hibernia and Terra Nova, these other field development prospects are key to the ongoing development of the oil and gas industry. Petro Canada is a key player and I know they will build on the foundation established by the Hibernia Project to help secure the role of Newfoundlanders and Labradorians as leaders in the offshore industry," he added.

"This announcement further enhances the already bright prospects for resource development which will come from Voisey's Bay, Hibernia, and Terra Nova, and will ensure that companies and individuals in this province continue to play a key role in Canada's oil industry."

Contact: Heidi Bonnell, (709) 682-9370