C-NLOPB annual report released

Ed Byrne, Minister of Natural Resources, today released the 20^th Annual Report of the Canada-Newfoundland and Labrador Offshore Petroleum Board for the fiscal year 2004-05.

"This reporting year witnessed significant activity in our offshore with the C-NLOPB overseeing new seismic programs in both the Orphan Basin and Laurentian Sub-basin, and the granting of five new exploration licenses worth just over $71 million in the prolific Jeanne d�Arc Basin," said Minister Byrne. "Total spending in our offshore now totals $18.7 billion with $1.3 billion spent in 2004."

Minister Byrne said the petroleum industry continues to make a significant contribution to the Newfoundland and Labrador economy. Valued at approximately $6 billion in 2004, the province�s offshore production now accounts for 37 per cent of Canada�s total light conventional crude oil. The petroleum sector represents 16 per cent of the province�s gross domestic product (GDP) and in 2004 directly employed over 3,600 people. Furthermore, industry currently has over $800 million in exploration work commitments outstanding.

"Production and exploration activity is on the rise with White Rose first oil expected before the end of 2005 and new seismic and drilling programs planned for 2006," said Minister Byrne. "In an effort to assist the C-NLOPB carry out its mandate and respond to this increased activity, the provincial government provided an additional $300,000 in funding in Budget 2005."

Minister Byrne also took the opportunity to acknowledge the contribution being made by the C-NLOPB board members and staff for their hard work and dedication. The minister noted the provincial government looks forward to the conclusion of the selection process for the chair and CEO for the board.

The Canada-Newfoundland and Labrador 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 annual report can be accessed at: www.cnlopb.nl.ca/publicat/other/annual04/index.htm

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

2005 09 12                    1:15 p.m.