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NOIA Golf Tournament
Thursday, 16 Sep 2010
  
5th International Symposium on Oil and Gas Resources in Western Newfoundland
Wednesday, 22 Sep 2010
  
Maritime Human Resource Conference
Tuesday, 28 Sep 2010
  
Networking Social
Thursday, 28 Oct 2010
  
Member Christmas Reception
Thursday, 9 Dec 2010
  Lorneville Mechanical Contractors
  Martin Industrial Group
  Spatial Energistics Group Inc.
  Tailwinds
  Weatherford Laboratories
 
NOIA News
Guest Editorial: HON. KATHY DUNDERDALE
 EDITORIAL - NOIA NEWS
HON. KATHY DUNDERDALE
MINISTER OF NATURAL RESOURCES

I am pleased to have been appointed Minister of Natural Resources at such an exciting time in the development of our province. Eighty per cent of eastern Canada’s offshore oil and gas resources are located off our shores. With three producing oil fields reaching close to 400,000 barrels per day, we have some of the most extensive wells in the world. Our estimated undiscovered resources stand at over 60 trillion cubic feet of natural gas and six billion barrels of oil. In June, the Canada-Newfoundland Offshore Petroleum Board increased the reserve estimates for both oil and gas in the Hibernia field and Hebron complex. The Hebron complex has increased by an additional 317 million barrels. In addition, the increased exploration on the province’s west coast and the planned exploratory drilling in the Orphan and Laurentian basins over the next few years could result in significant additional discoveries.

These opportunities could signify a turning point in our province’s economy. I believe government has a role to play in both supporting the industry and in ensuring maximum benefits for the people of the province. Premier Williams has clearly stated that the benefits from our resources must be long term and sustainable, and this is reflected in our strategic approach to the optimal utilization of our non-renewable resources. We are investing in knowledge, in exploration and in infrastructure and we are developing policies that will help us encourage and promote investment.

We recognize that we are a player on the world energy market and that we need to be competitive with other jurisdictions in order to facilitate development. We have world-class fabrication facilities and a highly-trained and educated work force along with competitive engineering capabilities – all features that make this province attractive to companies looking at future developments. The provincial government is also working with the federal government and industry to streamline regulatory processes. We have already implemented several initiatives that have reduced exploration costs and provided for a more efficient and effective regulatory environment. We are committed to continuing this relationship to address the needs of the industry so we can maintain our competitiveness in attracting business.

We share in the desire to move forward with the timely development of our industry. To this end, we are working toward creating fair and clearly defined expectations for the development of significant discoveries. Allowing companies to indefinitely hold development has the potential to inhibit our province’s opportunities. In consultation with our strategic advisor, Wood MacKenzie, we are assessing various options to address this issue.

By year end, we will have in place a comprehensive Energy Plan. This will result in a policy framework that both industry and the people of the province can take comfort in; one that takes into account the many variables in this industry and provides us with a long-term strategy to address the challenges and opportunities that we face. As part of the energy planning process, we are putting together a natural gas royalty framework that will provide a basis from which we can move forward with the development of our significant natural gas reserves.

Growing our offshore and onshore oil and gas industry to its full potential is a priority of this government. I envision the newly appointed Ministerial Oil and Gas Advisory Committee as playing an important role in informing this process.  I look forward to engaging the committee, as well as others with an interest in the industry, on key issues as we move forward with a marketing strategy for our offshore.

As Minister, I can assure you that I will be receptive to the needs of the industry, and a champion for ensuring that its work will benefit Newfoundland and Labrador. The province’s door is always open to any negotiation that is in the best interest of the people of this province.

Hon. Kathy Dunderdale
Minister of Natural Resources
Newfoundland and Labrador
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