Conference Focused on the Future of Newfoundland and Labrador’s Petroleum Industry

Executive Council
Natural Resources
June 20, 2014

Supporting Long-term Prosperity of the Provincial Economy

The future of the local oil and gas industry was highlighted this week at the Newfoundland and Labrador Offshore Industries Association’s (Noia) annual international conference in St. John’s. The Honourable Tom Marshall, Premier of Newfoundland and Labrador, gave the keynote opening address.

“Newfoundland and Labrador produces 35 per cent of Canada’s light crude oil output, and last year we had the largest find in the world with Statoil’s Bay du Nord prospect. There is still massive potential in our offshore oil and gas industry, and this conference provides the opportunity for industry players to come together and talk about next steps and how we can partner to make that potential a reality.”

– The Honourable Tom Marshall, Premier of Newfoundland and Labrador

The Honourable Derrick Dalley, Minister of Natural Resources, also spoke at the Noia conference which is known as Eastern Canada’s largest oil and gas industry event with more than 1,000 delegates.

“Noia’s annual international petroleum conference was a resounding success again this year. Our government’s continued investment in geoscience, as well as opportunities in new frontier basins off Newfoundland and Labrador, has captured the attention of global players. The provincial petroleum industry will continue to fuel long-term economic growth and ensure jobs for Newfoundlanders and Labradorians, for many years to come.”

– The Honourable Derrick Dalley, Minister of Natural Resources

A series of prominent speakers from the petroleum industry also provided updates on the province’s major resource developments as well as areas for further growth and development.

QUICK FACTS

• Noia’s 30th annual international conference was held this week (June 17-20) to celebrate the value of the petroleum industry in Newfoundland and Labrador.
• Premier Marshall and Minister Dalley spoke at the conference to highlight the opportunities available in offshore Newfoundland and Labrador.
• The offshore petroleum industry is the largest contributor to the provincial GDP at 33 per cent with an oil production value of over $8 billion and royalty revenues of $2 billion in 2012.
• The offshore petroleum industry is a major employer in the province with over 8,000 Newfoundlanders and Labradorians employed on producing projects.

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Media contacts:

Milly Brown
Director of Communications
Office of the Premier
709-729-3960
millybrown@gov.nl.ca

James Sheppard
Press Secretary
Office of the Premier
709-729-4304, 727-0850
jamessheppard@gov.nl.ca

Diana Quinton
Director of Communications
Department of Natural Resources
709-729-5282, 631-8155
dianaquinton@gov.nl.ca