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

I am pleased to rise today to comment on the 20^th annual conference of the Newfoundland Ocean Industries Association (NOIA) which is concluding today with an address by Premier Danny Williams. This conference provides Newfoundland and Labrador with the opportunity to showcase our ability to support the growing petroleum industry in our province and elsewhere and to promote the potential of our offshore resources. This conference also attracts numerous visitors from around the world including some of the key decision makers with the world�s largest oil and gas companies.

We have established ourselves as a significant oil producer - an accomplishment that is all the more staggering considering that a decade ago we had yet to produce one barrel of oil. This is just the beginning. While exploration has led to discovered hydrocarbon resources totaling over 2 billion barrels of oil and 10 trillion cubic feet of natural gas, our undiscovered potential is much greater with estimates of more than 6 billion barrels of oil and 50 trillion cubic feet of natural gas.

A key partner with the Government of Newfoundland and Labrador in promoting our capability and our potential is NOIA. I take this opportunity to commend NOIA and its members on the significant role they have played in helping this province establish itself in the oil and gas world. Through sponsoring this annual conference and by NOIA�s participation in oil and gas shows in this country and around the world, this organization is an integral part of the continued promotion and further development of our industry.

Over the course of conference, those attending were provided with an update on the status of the province�s petroleum projects as well as the latest in emerging technologies.

As indicated in the theme for this year�s conference, East Coast Canada: Success in a Challenging Environment, offshore Newfoundland and Labrador is a challenging place in which to operate. However, we have proven with our two producing fields - Hibernia and Terra Nova - the challenges of our offshore can be overcome and profitable projects can be developed. We are committed to building on the success of our industry. And we are committed to ensuring that the benefits of the oil and gas industry are maximized for the people of Newfoundland and Labrador.

2004 06 03 2:05 p.m.