The following statement was issued today by Ed Byrne, Minister of Natural Resources. It was also read in the House of Assembly:

Minister responds to C-NOPB Call for Bids

I want to inform the members of the House of Assembly that the Canada-Newfoundland Offshore Petroleum Board (C-NOPB) issued earlier today the 2004 Call for Bids. This Call for Bids is comprised of five parcels of land, located in the Jeanne d�Arc Basin and cover an area of 270,256 hectares.

Late last year, as most members are aware, we had the most successful land sale ever in our history. Over $672 million was committed on eight parcels of land located in the Orphan Basin - three times more than our previous highest total bid. This most recent Call for Bids is a sign that there is continued interest in the petroleum potential of our offshore area.

At a time when close to $1 billion has been committed for exploration in our offshore, oil companies are maintaining their interest in the potential of our resources. We have witnessed some key industry players make significant financial commitments to exploration. We encourage their continued interest. We also welcome new players to become involved in exploring our offshore area.

Further exploration is a critical component to ensure we build on the momentum of our oil and gas industry. Just as important as the next development for this province is the next discovery. And exploration is the first critical step to this discovery.

This government has made a commitment to the people of Newfoundland and Labrador - that is to secure meaningful benefits from the development of our natural resources. To do that we need to identify new opportunities for development. That is why I am encouraged that on the heels of our 2003 land sale results, the C-NOPB is in a position to offer a call this year.

2004 03 23                                        1:50 p.m.