Province�s oil and gas resources to be highlighted at international conference

The potential of the petroleum resources offshore Newfoundland and Labrador and the ability of local companies to support and service the industry will be highlighted during the 2004 Offshore Technology Conference (OTC) in Houston, Texas, May 3-6.

Ed Byrne, Minister of Natural Resources, is leading the Newfoundland and Labrador delegation to the annual OTC which is described as one of the largest offshore oil and gas shows in the world, attracting more than 50,000 visitors from around the world. Over 80 people, representing many supply and service companies and municipal governments, will provide a strong presence at the government-sponsored booth for the trade show.

"This conference is a great opportunity to promote our oil and gas resources and the capability within the province to support their development," said Minister Byrne. "I am pleased Newfoundland and Labrador will have significant representation again this year to promote our capabilities and prospectivity to investors."

Minister Byrne will use OTC to speak to the continued success of the province�s two producing fields - Hibernia and Terra Nova - and provide an update on the status of the development of the White Rose field. As well, there will certainly be opportunities to speak on the unprecedented Orphan Basin Land in 2003 and the new call for bids in 2004 for the Jeanne d�Arc Basin.

Minister Byrne will join his provincial colleagues from Nova Scotia and British Columbia and the federal natural resources minister at the Canadian news conference on Tuesday, May 4. This will be followed by the Houston World Affairs Council luncheon where Minister Byrne will also speak.

"The further development of our oil and gas industry plays a very important part in government�s agenda for success to generate new revenues and new jobs," said Minister Byrne. "We will aggressively pursue investors, encouraging them to establish and invest in Newfoundland and Labrador. Based on what we know about the discovered resources offshore, the oil and gas industry presents solid investment opportunities now and into the future. Events such as OTC provide us with the venue to reiterate that message."

Media contact: Carmel Turpin, Communications, (709) 729-5282

2004 05 03                                         1:00 p.m.