NLIS 2
August 13, 2004
(Natural Resources)

 

Minister pleased to see seismic exploration going ahead

Ed Byrne, Minister of Natural Resources, welcomed the announcement that ConocoPhillips Canada is moving ahead with 2D seismic exploration in the Laurentian Sub-basin. ConocoPhillips Canada announced August 12 that it had received the regulatory approval to proceed with its 2D seismic program of approximately 6,100 kilometres.

"I am glad to see that exploration activity is going ahead in the Laurentian Sub-basin," said Minister Byrne. "We look forward to seeing this seismic acquisition, which is the precursor to exploratory drilling, in an unexplored area of excellent potential."

According to the Geological Survey of Canada, resource estimates for the Laurentian Sub-basin are in the range of 600 to 700 million barrels of oil and eight to nine trillion cubic feet of natural gas. Under the recently negotiated Laurentian Sub-basin exploration licences, ConocoPhillips Canada and Murphy Oil have committed to spending $18 million on exploration.

Minister Byrne noted that this seismic exploration in the Laurentian Sub-basin is in addition to work underway in other areas. There is a large seismic program being conducted in the Orphan Basin, the offshore area which was the subject late last year of the Province�s most successful land sale, which is also in an area where drilling has yet to occur. Another extensive program is being conducted offshore Labrador and positive results may lead to this area being included in a future land sale. As well, exploratory drilling is about to occur at Flat Bay in western Newfoundland, another frontier area.

In addition to announcing that its seismic exploration was proceeding in the Laurentian Sub-basin, ConocoPhillips Canada also announced that BHP Billiton Petroleum (Americas) Inc. (BHPB) has joined the Laurentian exploration group. BHPB is described as the world�s largest diversified resources company. The company has some 35,000 employees working in more than 100 operations in approximately 20 countries.

"This is certainly significant news for this Province," said Minister Byrne. "I personally met with representatives of BHPB on two occasions - once while I was in Houston attending the Offshore Technology Conference in May and again during the annual NOIA conference in June - where we discussed the Province�s oil and gas potential. I certainly welcome this important new partnership to our offshore area and wish them and the other key players who are working to advance the petroleum industry in this Province great success."

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

2004 08 13                                        1:40 p.m.


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