Executive Council
February 1, 2007

Province Provides Overview of Oil and Gas Industry in Houston 

Representatives of some of North America�s largest energy corporations are getting an overview of this province�s energy industry and potential during the North American Prospect Exhibit (NAPE) Expo in Houston, Texas. 

�Our petroleum industry has a wonderful reputation among the industry executives here at the NAPE Expo,� said the Honourable John Ottenheimer, Minister of Intergovernmental Affairs.  �I am enjoying discussing our province and its petroleum potential with some of the biggest players in the industry.� 

Representing the province, Minister Ottenheimer delivered a presentation on the province�s petroleum resources at the Expo Wednesday during the International Forum Luncheon, hosted by Industry Canada in collaboration with the Canadian Consulate in Houston.  The Provincial Government also has a booth showcasing the province�s industry. 

�I firmly believe that it is important for our province, as we emerge as a leader in energy production, to participate in these conferences and showcase what we have accomplished and the amazing potential we have,� Minister Ottenheimer said.  �Our presence at these events demonstrates that we are serious participants in this important industry and helps us build partnerships with the major players.  The level of interest in our presentation was high and we have certainly had an impact upon those who were present.� 

The presentation promoted the province as an emerging energy warehouse with a skilled workforce, internationally acclaimed research and educational facilities and some of the largest unexplored basins in the world.  One of Canada�s premier energy producing areas, the province is poised to produce 50 per cent of the country�s conventional light crude. 

In the last four years, industry has committed some $815 million in work expenditure bids, which bodes well for future exploration activity.  In 2006, the Canada-Newfoundland and Labrador Offshore Petroleum Board increased the reserve/resource estimates for the Hibernia field and Hebron complex by 696 million barrels of oil.  At the same time, drilling in the Orphan Basin set a Canadian record for water depth. 

The NAPE Expo began in 1993 and now has 13,000 registered participants and over 1,200 booths.  It provides a venue for industry and governments to introduce oil and gas prospects and producing properties to a large, industry-based audience, including geologists, engineers, chief financial officers and heads of corporations.  The Expo ends Saturday. 

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Media contact:
Ken Morrissey
Communications
Intergovernmental Affairs Secretariat
709-729-6026, 690-0525
kenmorrissey@gov.nl.ca 

2007 02 01                                                        1:15 p.m.


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