The following statement was given today in the House of Assembly by the Honourable Shawn Skinner, Minister of Natural Resources:

Offshore Technology Conference Promotes Newfoundland and Labrador as Exploration and Investment Destination

I rise today to inform this Honourable House of Newfoundland and Labrador’s representation at the annual Offshore Technology Conference in Houston from May 2 to 5.

The conference is one of the largest international offshore oil and gas shows, attracting close to 75,000 visitors from over 115 countries. It is the premiere event to showcase Newfoundland and Labrador’s tremendous resource potential, innovative technologies, and service and supply capabilities.

I accompanied a delegation of approximately 175 including the Honourable Premier, officials with Nalcor Energy, and delegates representing 75 local companies and organizations to the conference. During the week, we met with geoscience contractors, technology providers, existing participants in the province’s offshore, and prospective players interested in the potential that lies in Newfoundland and Labrador’s offshore. I am pleased to report that these meetings proved to be productive and profiled Newfoundland and Labrador as an attractive exploration and investment destination.

The Offshore Technology Conference is an opportunity for our experienced service and supply sector to increase their international presence, and pursue export market opportunities. It provides networking opportunities and information exchanges on industry trends for the sector, which in the past has resulted in numerous joint ventures and contracts for many Newfoundland and Labrador companies.

Participation at the conference is a major part of the province’s promotional efforts to support the continued growth and development of our thriving oil and gas sector. Promotion of this sector is a key commitment in the province’s Energy Plan, and has enabled us to enhance our marketing efforts at large-scale international trade shows and exhibitions to solidify our reputation on a global scale.

Part of this includes the sponsoring of a Newfoundland and Labrador booth. The booth provides a level of exposure and access that many companies, especially junior companies, wouldn't be able to access independently. Our companies had the opportunity to promote their expertise, explore export opportunities and meet with other suppliers. Representatives from the province’s academic and research and development community also promoted their expertise and gathered valuable information on the latest technologies and research as well as presenting at the Atlantic Canada session.

Newfoundland and Labrador holds tremendous opportunity for the international oil and gas industry with our undiscovered reserves promising potential discoveries and development. With six billion barrels of oil and 60 trillion cubic feet of natural gas waiting to be discovered, Newfoundland and Labrador is home to a wealth of opportunities waiting to be explored.

2011 05 10                                                                             1:50 p.m.