Minister releases annual report of Canada-Newfoundland Offshore Petroleum Board Charles J. Furey, Minister of Mines and Energy, today released the annual report of the Canada-Newfoundland Offshore Petroleum Board (C- NOPB) for the year ending March 31, 1997. "This is an exciting time in the development of the province's oil and gas industry. In the past year, the C-NOPB issued eight new exploration licences totalling $126 million in work expenditure bids. In May, the board announced a Call for Bids for seven additional parcels of land. Interested parties have until December 4 to submit sealed bids," says Furey. "For the first time in over five years, there is renewed interest in exploration in the Jeanne d'Arc Basin. The largest 3-D seismic survey ever conducted in the offshore area was recently completed on the Grand Banks. In addition, at least two wells will be drilled this year. Amoco will spud the first well this Sunday, July 27, on their West Bonne Bay Prospect, which is approximately 15 kilometres northeast of the Terra Nova field. Petro-Canada, Mobil and Chevron will drill a delination well on the Hebron field later this year." Furey added, "Exploration is continuing on the West Coast of the province with at least three wells being drilled this year. Also, the much awaited final well report for the Port au Port No. 1 well will be available for release next week." The C-NOPB manages the petroleum resources in the Newfoundland offshore area on behalf of the governments of Newfoundland and Labrador and Canada. The board's authority is derived from legislation implementing the 1985 Atlantic Accord between the two governments. The C-NOPB is required to file an annual report with the federal and provincial ministers under the provisions of the Canada-Newfoundland Atlantic Accord Implementation Acts. Copies of the report may be obtained from the C-NOPB. Attached is a backgrounder outlining the duties of the C-NOPB. Contact:Tara Laing Jim Doyle
Backgrounder The board has a duty to ensure that:
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