Natural Resources
February 26, 2018

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

Province Being Positioned Globally as Preferred Location for Oil and Gas Development

Mr. Speaker, I rise in this Honourable House today to highlight Advance 2030 - a growth plan for the oil and gas industry in Newfoundland and Labrador which was launched last Monday.

As presented in The Way Forward, our government committed to work with industry to position the province globally as a preferred location for oil and gas development. As part of that commitment, the Oil and Gas Industry Development Council was established to advance opportunities and actions. We thank them for all their work to date.

By 2030 the Provincial Government envisions:

  • More than 100 new exploration wells drilled;
  • Multiple basins producing more than 650,000 barrels of oil equivalent per day;
  • Shortened time from prospectivity to production;
  • Direct employment of more than 7,500 people in operations;
  • A robust, innovative global supply and service sector;
  • Commercial gas production; and
  • Renewables and oil and gas integrated in a world-class energy cluster.

More than 150 industry leaders were engaged in the review and development of Advance 2030 including operators, supply and service industry, labour, educators, and federal and provincial departments.

Newfoundland and Labrador has tremendous opportunity in offshore oil and gas. By focusing on our competitiveness, driving exploration, ensuring innovation and working together we will achieve the vision we all want of a thriving, growing oil and gas industry.

Thank you.

2018 02 26                              2:05 p.m.