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January 16, 1998
(Executive Council)


Premier Tobin pleased Decision Report urges local participation

Premier Brian Tobin, while in Brazil as part of the Team Canada Trade Mission, says he is pleased with the Canada-Newfoundland Offshore Petroleum Board's (Board) Decision Report on the Terra Nova Development Project.

"We are now moving from one project to an emerging industry," says the premier. "The Decision Report is an important milestone for the development of the Terra Nova oil field. It will allow the proponents to make their decision to proceed on the project."

The Decision Report contains 23 conditions, eight of which apply to the Terra Nova Canada-Newfoundland Benefits Plan and 15 of which apply to the Terra Nova Development Plan.

"I am pleased to see that the consortium, through the Benefits Plan, has committed to conduct its affairs in a manner which will facilitate involvement by local companies," says the premier. "Newfoundlanders and Labradorians must obtain the maximum benefits from the development of this resource."

Under the provisions of the Accord Act, the board is responsible for petroleum resource management and monitoring the benefits that accrue to Newfoundland and Labrador from the Newfoundland offshore area. Premier Tobin added: "With the significant activity underway in our offshore, it is critical that the board has a full complement of members. The provincial government recently filled its vacant position on the board and I urge the federal government to do the same in order to ensure that the board is capable of fulfilling its mandate."

Contact: Heidi Bonnell, Premier's Office, (709) 729-3564.

1998 01 16 4:15 p.m.

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