Over 60,000 delegates from more than 80 countries will attend the Houston, Texas, oil industry event April 30 - May 3 to get the latest information on developments in the industry. This year�s theme, Transforming the Industry, is consistent with this government�s goal to develop the province�s abundance of energy resources to transform Newfoundland and Labrador into a true Energy Warehouse to meet global demands.

"There is no better place to talk with the international players in this industry about the great opportunities to do business with Newfoundland and Labrador and to showcase our technology, research and development and supply services expertise," said Minister Dunderdale. "We have three world-class producing oil projects and an estimated six billion barrels of undiscovered oil. We also have companies that are providing innovative and cost-effective solutions for customers all over the globe and this is an important story for us to tell."

The minister is leading a delegation of nearly 50 organizations and 100 delegates to this year�s conference. The Government of Newfoundland and Labrador is also showcasing the province�s industry through its multi-media booth and the minister is supporting the local delegation by attending networking events designed to attract new business and export opportunities.

"Oil and gas resources are non-renewable and therefore the province must continuously strive for new and better ways to generate long-term economic benefit from developing this resource," the minister said. "Taking an active role at OTC and supporting our supply and service sector is one way our government is leading the way for this vital industry."

Government is continuing efforts to establish a competitive and efficient onshore and offshore regulatory regime that encourages exploration and the timely development of discoveries. This will give industry the clarity it seeks in regards to operating in this jurisdiction, while ensuring a fair return to the people of the province and the companies. Targeted industry consultations have begun on a natural gas royalty regime. Government will also be making significant investments to advance the industry and the supply and service sector through initiatives contained in the province�s Energy Plan, which is being finalized.

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