Minister releases annual report of the Canada-Newfoundland Offshore Petroleum Board
Roger Grimes, 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, 1999.
"This has been an exciting year for the petroleum industry of Newfoundland and Labrador. Hibernia has been setting Canadian records, Terra Nova is set for production in the year 2000, and White Rose and Hebron could become our next development projects," said Mr. Grimes, "and we are only witnessing the beginning of our oil and gas industry."
Grimes noted that the 1998 Call for Bids resulted in the highest total work expenditure commitment, totalling $175 million. "With less than five per cent of our lands currently held under licence, there is still much left to explore," said Mr. Grimes, "and we anticipate a high level of interest for the 1999 Call for Bids."
Grimes further added other reasons for excitement in our oil and gas 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, (709) 778-1400.
Media contact: Carl Cooper, Communications, (709) 729-4890.
1999 07 21 3:30 p.m.