NLIS 1
May 1, 2000
(Mines and Energy)

NOTE TO EDITORS:

New Offshore Oil and Gas estimates

The Canada-Newfoundland Offshore Petroleum Board has completed the revision and updating of its estimates of oil and gas resources in the Newfoundland and Labrador offshore area.

The updating program has been carried out during the past year. It is the first major revision of the offshore resources since 1992, and takes into account the results of drilling and production activity and seismic data obtained in recent years. The assessment of this new information has resulted in significant changes in the overall resource estimates.

The revised estimates will be released at a media briefing to be held in the board offices (5th floor, TD Place) on Tuesday, May 2, at 11:00 a.m. Senior executives from the C-NOPB professional staff will be available to discuss the revision process, the scientific methodology, and the implications of the new data.

It would be most helpful for logistical purposes if media personnel could indicate their attendance in advance. Please call Edsel Bonnell at 778-1440 (834-9136 after business hours). Thank you.

2000 05 01                         12:10 p.m.