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

I rise today to inform this House that the Canada-Newfoundland Offshore Petroleum Board announced earlier today details of the 2005 Call for Bids in the Newfoundland and Labrador offshore area.

This Call for Bids consists of seven parcels of land. Three of the parcels are located in the Jeanne d�Arc Basin and four are located offshore western Newfoundland.

Government�s optimism remains buoyed by the fact that petroleum companies continue to see potential for more discoveries in the prolific Jeanne d�Arc Basin - a basin which is home to our two producing projects - Hibernia and Terra Nova - home to White Rose, which is scheduled to come on stream later this year or early next, and home to Hebron-BenNevis which we remain optimistic will be our fourth major development. This Call for Bids follows on the heels of our record land sale in 2003 and encouraging results in 2004.

I am particularly pleased to note the Call for Bids includes four parcels offshore western Newfoundland. This is further evidence that our oil industry is active on several fronts any of which could bring the next big discovery. In addition, companies operating onshore western Newfoundland have also indicated plans for both drilling and seismic programs during 2005.

Currently, companies have commitments of over $1 billion for exploration work offshore Newfoundland and Labrador. I am encouraged by this resurgence of interest in the past couple of years. I am particularly encouraged by our high level of seismic activity with areas like the Orphan and Laurentian Basins and offshore Labrador leading the way.

I am optimistic that these areas will be our "next frontier" and I look forward to further success through the drill bit in the Jeanne d�Arc and South Whale Basins.

This is truer today than at any time in our history as success in our offshore will absolutely translate into success for all Newfoundlanders and Labradorians. Our new "Accord", our new found oil and gas revenues, and our renewed pride give us reason for optimism for the future of Newfoundland and Labrador.

2005 03 16              2:40 p.m.