NLIS 9
March 16, 2005
(Natural Resources)
The following statement was issued
today by Ed Byrne, Minister of Natural Resources. It was also read
in the House of Assembly:
I rise today to inform this House that the Canada-Newfoundland
Offshore Petroleum Board announced earlier today details of the 2005
Call for Bids in the Newfoundland and Labrador offshore area.
This Call for Bids consists of seven parcels of land. Three of the
parcels are located in the Jeanne d�Arc Basin and four are located
offshore western Newfoundland.
Government�s optimism remains buoyed by the fact that petroleum
companies continue to see potential for more discoveries in the
prolific Jeanne d�Arc Basin - a basin which is home to our two
producing projects - Hibernia and Terra Nova - home to White Rose,
which is scheduled to come on stream later this year or early next,
and home to Hebron-BenNevis which we remain optimistic will be our
fourth major development. This Call for Bids follows on the heels of
our record land sale in 2003 and encouraging results in 2004.
I am particularly pleased to note the Call for Bids includes four
parcels offshore western Newfoundland. This is further evidence that
our oil industry is active on several fronts any of which could
bring the next big discovery. In addition, companies operating
onshore western Newfoundland have also indicated plans for both
drilling and seismic programs during 2005.
Currently, companies have commitments of over $1 billion for
exploration work offshore Newfoundland and Labrador. I am encouraged
by this resurgence of interest in the past couple of years. I am
particularly encouraged by our high level of seismic activity with
areas like the Orphan and Laurentian Basins and offshore Labrador
leading the way.
I am optimistic that these areas will be our "next frontier" and I
look forward to further success through the drill bit in the Jeanne
d�Arc and South Whale Basins.
This is truer today than at any time in our history as success in
our offshore will absolutely translate into success for all
Newfoundlanders and Labradorians. Our new "Accord", our new found
oil and gas revenues, and our renewed pride give us reason for
optimism for the future of Newfoundland and Labrador.
2005 03 16
2:40 p.m. |