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NLIS 5
May 1, 2001
(Mines and Energy)


The following statement was issued today by Lloyd Matthews, Minister of Mines and Energy. It was also read in the House of Assembly:

C-NOPB Call for Bids NF

I am pleased to inform my honourable colleagues that the Canada-Newfoundland Offshore Petroleum Board (C-NOPB) has today announced a new Call for Bids for the Province�s offshore area. Premier Grimes is also promoting this new call today at the Offshore Technology Conference in Houston, Texas. There will be 14 parcels up for bid this year, with three located in the Flemish Pass Area, four in the Jeanne d�Arc Basin, three in the South Whale Basin and four adjacent to the Newfoundland west coast area. These parcels compromise a total of 1,969,664 hectares.

Last year�s Call for Bids resulted in work expenditure commitments in excess of $88 million. This call, coupled with previous calls, is a clear indication of industry�s continued confidence in the resource potential of our offshore.

With Hibernia producing at 140,000 barrels per day, Terra Nova to begin production later this year, the White Rose development plan under review, and the potential for a Hebron/Ben Nevis project, we are anticipating major growth in our petroleum sector. All of these fields are located in the Jeanne d�Arc Basin which has been the area of the offshore where activity has been focused to date.

Although interest in the Jeanne d�Arc Basin continues, industry interest has continued to extend into the South Whale Basin, Flemish Pass area, and offshore western Newfoundland. This continued interest bodes well for future exploration activity.

I am optimistic that exploration activity in these relatively untested areas will provide the new discoveries that will lead to a continued expansion of our petroleum sector.

Companies interested in bidding on land parcels must submit their work expenditure bids by November 20, 2001, to the C-NOPB. Winning bids are solely based on the amount of money a bidder plans to commit to exploration on the parcel during the first five years.

The 2001 Call for Bids is another opportunity for companies to invest in a province that has a stable economic base, significant natural resource potential, world-class research facilities and $1.2 billion worth of onshore infrastructure for our offshore oil and gas industry.

We look forward to another successful call and we remain confident that industry will continue to invest in the province�s offshore area.

2001 05 01                                          2:00 p.m.


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