Premier to lead delegation to OTC 2000

Premier Brian Tobin will lead a delegation of 47 Newfoundland and Labrador businesses and organizations to the 32nd Offshore Technology (OTC) Conference to be held May 1-4 at the Astrodome in Houston, Texas.

Mines and Energy Minister Paul Dicks will attend along with officials of his department as well as officials from the Department of Industry, Trade and Technology, the Canada-Newfoundland Offshore Petroleum Board and the Atlantic Canada Opportunities Agency.

OTC 2000 is the world�s foremost event for the development of offshore resources. It covers state-of-the-art technology for offshore drilling, exploration, production and environmental protection.

On Tuesday, May 2^nd, Premier Tobin, in conjunction with Nova Scotia Premier John Hamm and Alberta Economic Development Minister Jon Havelock, will hold a joint Canadian news conference at the exhibition site (Astro Hall).

"This event is covered by international media representatives and it presents an excellent opportunity to highlight the activity that is taking place in Newfoundland and Labrador and the potential for future development of the province�s offshore and onshore petroleum industry," Premier Tobin said.

This year�s conference will be attended by more than 45,000 engineers, technicians, scientists and managers from more than 30 nations representing a variety of fields in the offshore industry.

While in Houston, the premier will promote opportunities in the province through meetings with key players from the world�s oil and gas sector.

"It is hard to imagine that, in the year 2000, we are traveling to Houston to talk about an offshore oil and gas industry that has produced more than 60 million barrels of oil to date and which holds such great prospects for future growth," said Premier Tobin. "The province of Newfoundland and Labrador and the East Coast of Canada are now on the oil producing map."

The premier said tremendous growth is taking place in our oil and gas industry and Newfoundland and Labrador will be producing one third of Canada�s light crude oil by 2004.

"Since the first major exploration expenditures were made in 1996, more than $4.0 billion has been spent in exploration and delineation in the offshore," said Premier Tobin. "To date, there are 23 significant discoveries including 1.6 billion barrels of oil and 8.2 trillion cubic feet of natural gas."

Hibernia, which kick-started our petroleum industry, is averaging about 180,000 barrels per day from seven wells on full time production and is continuing to set Canadian records; Terra Nova, with estimated reserves of 370 to 470 million barrels of oil, is due to start production in early 2001 to be followed by White Rose, Hebron and other fields.

"This conference presents an excellent opportunity for the government, business and organizations to spur interest in our province from all corners of the globe," said Premier Tobin. "It brings the world�s leading professionals to one location and, for local business, it provides an opportunity to strengthen global alliances by face-to-face contact with major companies."

The premier said a number of joint venture deals have been struck by Newfoundland and Labrador companies attending the conference.

Canada will be among 14 countries who will participate in a special meeting of world energy leaders from key producing regions. To be known as the OTC Global Executive Summit, it will enable an internationally balanced roster of high-level delegates to highlight goals, accomplishments and challenges of offshore development in the context of the world�s overall energy.

Media contact: Heidi Bonnell, Office of the Premier, (709) 729-3960.

2000 04 27                                                         4:05 p.m.