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, 1998. "The momentum and excitement surrounding Newfoundland and Labrador's offshore has been building over the past year. As expected, this is partially due to the beginning of the production phase at the giant Hibernia oil field," says Furey. "We must continue to build on this interest and on our discovered resource base. Currently 13 parcels of land are up for bids in the C-NOPB's 1998 Call for Bids. This is the largest amount of land ever offered by the C-NOPB to industry and is indicative of the interest in the province's offshore already expressed by companies through the nomination process." Furey further added, there are several other reasons for enthusiasm in the petroleum industry including:
The C-NOPB is a joint federal-provincial board which 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. Following is a backgrounder outlining the duties of the C-NOPB. Contact: Tara Laing, Department of Mines and Energy, (709) 729-4890 ---------------------------------------- Backgrounder on the duties of the Canada-Newfoundland The board has a duty to ensure that:
The board also provides guidance to industry regarding regulatory requirements and encourages continuous improvement in practices that provide for worker safety and environmental protection. 1998 07 24 10:55 a.m.
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