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Natural Resources
February 23, 2009

Celebrate Oil and Gas Week 2009

The Provincial Government and its industry partners are celebrating the success of the province�s oil and gas industry, as well as the potential career opportunities for youth, with the launch of Oil and Gas Week 2009.

"Oil and Gas Week is an opportunity to acknowledge the major role this industry plays in strengthening the province�s economy," said the Honourable Kathy Dunderdale, Minister of Natural Resources. "With the advancement of world-class projects and ongoing exploration activity, our young people are able to establish successful industry careers, fully contributing to the province�s long-term economic prosperity and self-reliance."

Oil and Gas Week increases industry awareness in Newfoundland and Labrador, with a particular emphasis on secondary and post-secondary students. The week-long event educates them about the different aspects of the industry and the exciting career possibilities available to them in the growing sector.

The province�s oil and gas industry continues to flourish with its three successful producing offshore oil projects and a fourth, Hebron, in progress. The province recently celebrated the production of its one billionth barrel of oil from Hibernia, Terra Nova and White Rose. This milestone provides a great benchmark to the province�s undiscovered potential estimated to be six billion barrels of oil and 60 trillion cubic feet of natural gas.

Hebron is currently in the pre-Front End Engineering and Design (pre-FEED) phase with its project management office set to open in April. First oil is expected between 2016 and 2018, with peak production of approximately 150,000 barrels a day within the first two years. The agreement for Hebron, as well as the White Rose expansion, provides the province with equity ownership and a super-royalty regime whenever monthly average oil prices exceed US$50 West Texas Intermediate after net royalty payout occurs.

Oil and Gas Week runs from February 22 to February 28. To learn more about the week�s events, visit www.nloilandgasweek.ca.

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Media contact:
Tracy Barron
Director of Communications
Department of Natural Resources
709-729-5282, 709-690-8241
tracybarron@gov.nl.ca 

2009 02 23                                                    9:40 a.m.
 


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