Executive Council
Natural Resources
May 8, 2008

Province Well Received at World�s Largest Oil and Gas Show

An image of a prosperous oil producing province with the potential for more developments and discoveries was presented to the Offshore Technology Conference (OTC) in Houston this week by the largest delegation ever from Newfoundland and Labrador, led by the Honourable Danny Williams, Premier of Newfoundland and Labrador, and the Honourable Kathy Dunderdale, Minister of Natural Resources.

"Our energy industry is enjoying tremendous momentum and Newfoundland and Labrador is getting the recognition we deserve as a key energy player," Premier Williams said. "Wherever I went, there was a buzz of excitement among our delegates and industry players at the OTC surrounding the great things happening in our province. With the success of our existing offshore projects and with Hebron, White Rose Extension and Hibernia South on the horizon, our potential and reputation as an energy producer is solidified on the world stage. We met with major companies operating in our offshore during the conference and they are willing and anxious to continue to invest in Newfoundland and Labrador."

A delegation of 121 representatives from 60 companies and organizations in the province attended the four-day conference, which is the largest offshore oil and gas show in the world. It is expected that the conference will set a record in terms of attendance with more than 70,000 delegates from 110 countries participating.

"The reaction to our presence has been extremely positive," said Minister Dunderdale. "The fact that this is the largest delegation ever from our province shows a great feeling of confidence among our growing petroleum supply and service sector in the amount of work that will be taking place here. We also have world-renowned expertise in ocean technology that we are building on with our strategic investments and forward-thinking policies. We can become the NASA of the North in terms of ocean expertise and innovation for oil and gas exploration and extraction in northern regions. We are well on our way to making that goal a reality."

During the conference, the Premier told the Energy Magazine's Country of the Year Breakfast, where Canada was proclaimed Country of the Year, that Newfoundland and Labrador is a major player in Canada�s oil industry. The Premier and minister also addressed the Newfoundland and Labrador opening reception, visited with technology-based companies that offer services in the province�s offshore, and spent time on the floor of the conference visiting booths.

Minister Dunderdale said the mood of the local industry is upbeat as a result of the greater profile the province is receiving nationally and internationally with its recent economic success, exploration interest and potential for more developments and discoveries.

"For over 20 years, NOIA members have had great success at international tradeshows like OTC and it keeps getting better," said Bob Cadigan, president and CEO of the Newfoundland and Labrador Oil and Gas Industries Association. "Working with the Provincial Government to market Newfoundland and Labrador's petroleum capabilities to this important international audience is critical to the long-term growth and success of our oil and gas industry."

To date, about 2.75 billion barrels of oil and 10 trillion cubic feet of natural gas have been discovered off Newfoundland and Labrador with the potential for several billion barrels of oil and trillions of cubic feet of natural gas yet to be discovered. Exploration activity in the province�s offshore area is strong, with more than $800 million in exploration commitments.

Newfoundland and Labrador produced more than 45 per cent of Canada�s conventional light crude oil last year and the province is expected to hit the significant milestone of producing its one billionth barrel of oil in the next six months or so.

Hebron, the province�s fourth offshore oil project, contains in excess of 700 million barrels of recoverable oil. The province is in the final negotiating stage with the industry partners.

"In addition to several companies with a presence in the province, the minister and I also met with top officials of both ExxonMobil and Chevron," said Premier Williams. "We were pleased to have this opportunity to meet with our industry partners as we move forward together in developing our resources in a manner that maximizes benefits for the people of our province."

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Photo #1: The Honourable Danny Williams, Premier of Newfoundland and Labrador, and the Honourable Kathy Dunderdale, Minister of Natural Resources, led the largest ever delegation from this province to the Offshore Technology Conference in Houston, Texas, this week. A number of delegates are pictured here with the Premier and Minister in front of the province�s booth on the main floor of the trade show.

Media contacts:

Elizabeth Matthews
Director of Communications
Office of the Premier
709-729-3960, 693-7291
elizabethmathews@gov.nl.ca
Andrea Nolan
Press Secretary
Office of the Premier
709-729-4304, 727-0991
andreanolan@gov.nl.ca
Tracy Barron
Director of Communications
Department of Natural Resources
709-729-5282, 690-8241
tracybarron@gov.nl.ca
 

2008 05 08                                                  3:30 p.m.

 


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