Government announces funding for natural gas development strategy

Mines and Energy Minister Lloyd Matthews is pleased to announce $300,000 to carry out the further development and implementation of a natural gas strategy for this province.

Minister Matthews said that the implementation of a natural gas strategy will be key in overcoming the challenges and capturing the opportunities that will be presented in developing our natural gas resources.

"Information gathered in consultation with multi-stakeholder groups such as the Newfoundland Ocean Industries Association (NOIA), the Canadian Association of Petroleum Producers (CAPP) and other government agencies, will allow government to examine many different technical and economic aspects of natural gas development," said Minister Matthews. "The additional funds announced today will facilitate and accelerate departmental efforts to integrate all available information into a constructive and beneficial natural gas strategy."

Increasing energy demands for cleaner energy sources are making natural gas an attractive new alternative in the global marketplace. "The key to a successful natural gas development strategy is to balance the needs and expectations of all stakeholders, and to match this with the technical, market and resource challenges of developing this resource," said the minister.

Minister Matthews said that there are many issues that must be considered during this development and implementation stage "This process will ensure that we understand the complexities associated with developing this resource," said Minister Matthews. "This will ensure that we develop a strategy that maximizes benefits for all Newfoundlanders and Labradorians."

The minister thanked all stakeholders and participants for their significant contributions through their independent research studies.

Minister Matthews stated that government is committed to developing the province�s natural gas resources in a timely manner, sooner rather than later.

Media contact: Gary Callahan, Communications, (709) 729-4890.

2001 03 22              4:30 p.m.