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Natural Resources November 16, 2007 Province Marks Ten Years of Oil Production It has been 10 years since oil first began to flow from the Hibernia platform, marking a new chapter for this province as an oil producer with the resource potential and the expertise to be a significant player in the oil industry. In the decade since November 17, 1997, the men and women of this province have produced nearly 900 million barrels of oil from three offshore projects � Hibernia, Terra Nova and White Rose. "This is a significant milestone and a very proud day for the people of the province. In one decade, we have proven we have the resources, the skills and the infrastructure to be players in this global industry," said the Honourable Kathy Dunderdale, Minister of Natural Resources. "We have not been in the business of producing oil for long, but we have an impressive track record of successes and significant potential which makes me believe the best is yet to come." To date, an estimated 2.7 billion barrels of oil and 10 trillion cubic feet of natural gas have been discovered offshore Newfoundland and Labrador. Geoscientific data suggest another six billion barrels of oil and 60 trillion cubic feet of natural gas remain undiscovered. As part of the Energy Plan: Focusing Our Energy, the province is taking measures to increase exploration and development by working to streamline oil and gas regulations, create more certainty for oil and gas companies and build a Crown corporation to take a more active role in the province�s energy sector through equity in new developments. The province will also invest, through the Energy Corporation of Newfoundland and Labrador, $20 million in offshore geoscience and $5 million in onshore geoscience through the Petroleum Exploration Enhancement Program. "We have tremendous potential in oil and gas. Only 137 offshore exploratory wells have been drilled in our offshore region compared to 40,000 in the Gulf of Mexico," said Minister Dunderdale. "The province has proven to be an excellent location to explore for oil and gas and we have some of the largest unexplored offshore basins in the world. We have a proud history of exploration and development and the future is ours." The province�s oil industry has also proven it can master the most ground-breaking technologies. Records for horizontal drilling distance and deepest water depth drilling are just some examples of the leading-edge work going on in the province. Newfoundland and Labrador is also blazing a trail in cold ocean science and technology where the province�s centres of excellence are internationally recognized for their expertise and research. "Our first 10 years as an oil producing province have seen Newfoundland and Labrador mature as a player in this global industry," the minister said. "We look forward to exciting new developments over the next decade and in the decades that follow as we make new discoveries and bring additional developments on stream, while ensuring the environment and the safety of our workers remain paramount." - 30 - Media contact: TracyBarron@gov.nl.ca 2007 11 16 9:45 a.m.
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