Premier promotes Newfoundland and Labrador�s oil and gas industry at international conference

Premier Danny Williams leads a diverse delegation of over 90 people representing 47 oil and gas sector firms and organizations to the 36th annual Offshore Technology Conference (OTC) in Houston, Texas, May 2-5.

This year�s event will focus the world�s attention on the significant petroleum resources offshore Newfoundland and Labrador and the competency displayed by our local support and services industry that engage these new business opportunities and tackle the challenges of this vital and growing sector of our economy.

Premier Williams will use OTC to highlight several significant milestones achieved this past year in the province�s maturing oil and gas industry. The premier will underscore the continued success of existing production underway at Hibernia and Terra Nova, our anticipation and pride in a job well done as first oil at White Rose arrives in late 2005, our encouragement of the renewed attention being given by the Hebron proponents in the evaluation of the feasibility of developing a fourth project offshore, and government�s anticipation of new discoveries as an expanding exploration effort is undertaken. Government is encouraged by the continued uptake of additional lands in the offshore and remains optimistic that this acquisition trend will continue with the recent 2005 Call for Bids.

"This conference is an excellent venue in which the province�s considerable industrial, research, education, training, community and human resources can showcase their abilities, talents and capabilities to the world," said Premier Williams. "Our government is firmly committed to the promotion of an investment climate that attracts new work opportunities to our province � in this way, new petroleum revenues are generated and improved public services are made available to our people."

Earlier this morning, Premier Williams addressed the OTC industry breakfast event. Mid-morning, the premier will join his provincial colleagues from Nova Scotia and Alberta and representatives from the Government of Canada at the annual OTC Canadian news conference. This will be followed by a speech to a select group of oil and gas industry executives at the Houston World Affairs Council luncheon.

OTC is the largest offshore oil and gas conference in the world. OTC attracts over 50,000 visitors from 110 countries. Since the early 1980s, the Government of Newfoundland and Labrador has sponsored a booth at this trade show and participated in the conference proceedings.

"As a government, we enthusiastically support the marketing of Newfoundland and Labrador�s oil and gas sector in its many facets and forms," said Premier Williams. "We are building world-class expertise and infrastructure and we are reaping the dividends of this work as investors around the world take notice and come to do business in our offshore oil and gas development areas."

Media contact: Elizabeth Matthews, (709) 729-3960, 690-5500, elizabethmatthews@gov.nl.ca

2005 05 03                                   11:10 a.m.