NLIS 4
February 13, 2003
(Mines and Energy)

 

Minister pleased with the commencement of deep water exploration drilling

Mines and Energy Minister Lloyd Matthews today expressed his best wishes to Petro-Canada and Encana on the commencement of their deep water drilling program in the Flemish Pass Basin. The deep water drilling rig, Eirik Raude, began drilling activity earlier this week on the Mizzen L-11 property at a water depth of over 1,100 metres.

"This is a very exciting time for our offshore petroleum industry," said Minister Matthews. "This is the first deep water drilling program that we have witnessed in our offshore area in more than a decade, and it is the first time exploratory drilling off our east coast has ventured outside the Jeanne d�Arc Basin since the 1980s."

The minister noted that it is too early to predict what resources may be discovered during this drilling activity, but remained optimistic that this will lead to further exploration in new frontiers of our offshore.

"We have been advised by industry that as many as two to four wells could be drilled during each of the next three years, dependent upon drilling results. This is very good news, especially with our expectation of new drilling in the Laurentian sub-basin over the next few years. As more exploration programs move forward, the chance of finding the next big discovery increases. This will ensure that the momentum in our industry continues."

Media contact: Darrell Mercer, Communications, (709) 729-5777.

2003 02 13                                        2:30 p.m.


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