Minister releases C-NOPB annual report

Mines and Energy Minister Lloyd Matthews today released the annual report of the Canada-Newfoundland Offshore Petroleum Board (C-NOPB) for the fiscal year ending March 31, 2001.

The minister said the achievements over the past year in the province's oil and gas industry have been impressive and promising.

"We have witnessed many new developments in our oil and gas industry," said Minister Matthews. "Hibernia reached the 100 million barrel milestone and was granted approval to increase production levels to 180,000 barrels per day; the Terra Nova FPSO arrived at Bull Arm for construction work and installation of the topside modules; and a development application for the White Rose project was received."

Minister Matthews noted that the C-NOPB's 2000 Call for Bids attracted work expenditure bids of $88 million for ten parcels totaling 1,599,497 hectares.

"This new exploration money indicates industry's commitment to increased activity in our offshore area," said Minister Matthews. "Much of this exploration work will be done in areas outside the Jeanne d'Arc basin, an area which has the possibility to contain many new oil and gas discoveries."

The minister also said that he is encouraged with the level of direct and indirect benefits that the province is receiving. 

"Work expenditures in 2000 reached $1.4 billion, bringing the cumulative total since 1966 to $13.6 billion. There were also 3,100 people directly employed in our oil and gas industry last year, demonstrating the important impact that this growing industry has on our provincial economy," said the minister.

The C-NOPB is a joint federal-provincial board which manages the petroleum resources in the Newfoundland and Labrador 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: Tara Laing, Communications, (709) 729-4890

2001 07 18                                               12:00 p.m.