Premier pleased with Offshore Technology Conference

Premier Roger Grimes says that he is very pleased with the level of interest shown in the Newfoundland and Labrador offshore petroleum industry at this year�s Offshore Technology Conference in Houston, Texas.

Premier Grimes is leading a Newfoundland and Labrador delegation at this year�s conference being held from May 6 - May 9.

"We are witnessing a continued interest and growth in our offshore sector," said Premier Grimes. "Significant interest is being shown in areas other than the Jeanne d�Arc Basin, which has been the primary focus over the last ten years. Particular emphasis is now being placed on the deep water basins off Newfoundland and Labrador where drilling will begin later this year.

"From meetings that I have had with industry officials this week, I would say that there is a strong level of interest in future exploration opportunities. Industry is very pleased with the resolution of the boundary dispute with Nova Scotia, and are excited about the new opportunities that exist in this area. This, combined with the success of our producing projects, is generating a renewed level of excitement among industry officials."

In addition to the interest in the exploration sector, Premier Grimes noted that Newfoundland and Labrador based companies continue to play a more prominent role in the international arena. The premier was particularly pleased to participate in the opening of Oceanic Consulting Incorporated of St. John�s international office in Houston. "This once again demonstrates that our expertise and skills are respected and in demand all over the world," said the premier. "I am confident that we will hear many more of these success stories in the future, as more of our companies build on their strategic alliances and promote their potential to international industry players."

Newfoundland and Labrador also participated in a joint news conference with Nova Scotia on Tuesday morning to promote the East Coast oil and gas potential to over forty international reporters.

"Tuesday�s news conference provided a great opportunity to promote our provincial petroleum industry to an international audience," said the premier. "The level of interest was very high, and from the questions that were asked, I believe the world is taking greater notice of our resource development projects."

Premier Grimes stated that he is very excited with the possible opportunities for the province that may arise out of this year�s conference.

In total, 43 local companies have sent delegates to this year�s conference.

Premier Grimes was also pleased to note the numerous expressions of thanks offered to the citizens of Newfoundland and Labrador for their response to the events of September 11. "Newfoundlanders and Labradorians should be proud of the recognition and gratitude expressed by the many people I met while in Houston. The level of awareness about the hospitality of our citizens is at an all time high."

Media contact: Carl Cooper, Office of the Premier, (709) 729-3960.

2002 05 08                           2:40 p.m.