NLIS 1
July 16, 2003
(Mines and Energy)

 

Minister Noel releases C-NOPB annual report

Mines and Energy Minister Walter Noel today released the annual report of the Canada-Newfoundland Offshore Petroleum Board (C-NOPB) for the fiscal year ending March 31, 2002.

"Our oil and gas industry is vibrant and growing," said Minister Noel. "We�ve made impressive progress in recent years. Government intends to do everything necessary to ensure the momentum continues. Hibernia continues its steady pace, Terra Nova has just completed its first full year of production, and White Rose is on target to reach its goal of first oil in 2005. We continue to work with the Hebron/Ben Nevis partners to try to get that project started as soon as possible.

"There are currently $470 million in offshore work commitments to be completed by industry and 14 new land parcels have been issued in this year�s Call for Bids. We are also eager to see activity begin in the Laurentian Sub-basin, now that this area of our offshore has finally passed through the federal regulatory process."

The minister said the C-NOPB Annual Report demonstrates the growth we are experiencing. Daily oil production at year end exceeded 285,000 barrels � nearly double the production levels achieved in the previous year. As a result, in 2002 the Newfoundland and Labrador oil and gas industry accounted for about 30 per cent of Canadian conventional light crude production and 16 per cent of our province�s Gross Domestic Product (GDP) � an increase of 5 per cent over last year.

"Over $1.3 billion was spent by industry during the 2002 calendar year, with direct employment levels reaching 2880 people," said Minister Noel. "Approximately 89 per cent of workers at Hibernia, and 84 per cent at Terra Nova are residents of the province. There are over 1000 people currently working on the White Rose project at Marystown, Bull Arm and St. John�s. This is a great contribution to our economy, which we are working hard to increase. Our objective is to have as much work as possible done in our province, by our own people.

"I also wish to acknowledge the C-NOPB�s commitment to maintaining its high safety standards and environmental protection policies. This industry�s record has been exemplary; for this I have to commend the operators, workers and our regulator � the C-NOPB."

The C-NOPB is a joint federal-provincial board that manages the petroleum resources in the Newfoundland and Labrador offshore area on behalf of the governments of Newfoundland and Labrador and Canada. The C-NOPB�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 by telephone at (709) 778-1400 or on the C-NOPB website at www.cnopb.nfnet.com.

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

2003 07 16                                     11:55 a.m.


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