Annual report of C-NOPB released

Ed Byrne, Minister of Natural Resources, today released the 2003-2004 annual report of the Canada-Newfoundland Offshore Petroleum Board (C-NOPB).

"One of the major highlights of the C-NOPB�s activities last year was the land sale which resulted in an unprecedented level of exploration commitments in a new area offshore - the Orphan Basin," said Minister Byrne. "We now have commitments for offshore exploration valued at approximately $1 billion."

Minister Byrne indicated the petroleum industry continues to be a significant contributor to the province�s economy comprising approximately 18 per cent of the province�s GDP. As indicated in the C-NOPB annual report, total industry expenditure in 2003 was $1.4 billion, with direct employment at Hibernia and Terra Nova totaling more than 1,800 people, 88 per cent of whom are Newfoundland residents.

"I believe there are more successes awaiting this province in our offshore. With seismic activity ongoing in the Laurentian Sub-Basin, Orphan Basin and offshore Labrador - virtual exploration frontiers, we remain optimistic that this search will lead to more discoveries," said Minister Byrne.

Minister Byrne also took the opportunity to acknowledge the C-NOPB members and staff for their contribution to the petroleum industry in the province.

The Canada-Newfoundland Offshore Petroleum Board regulates all aspects of the oil and gas industry off the coasts of Newfoundland and Labrador on behalf of the Government of Canada and the Government of Newfoundland and Labrador. The board�s authority comes from legislation implementing the 1985 Atlantic Accord between the two governments.

The annual report can be accessed at:
www.cnopb.nfnet.com/publicat/other/annual03/index.htm

Media contact: Carmel Turpin, Communications (709) 729-5282 or (709) 685-4624

2004 10 07                   10:05 a.m.