The mood was upbeat at Noia’s 30th annual international conference last week (June 17-20) as more than 1,000 delegates were in attendance to celebrate Newfoundland and Labrador’s petroleum industry and its potential for growth. Known as Eastern Canada’s largest oil and gas industry event, the conference included presentations by senior industry players. The Honourable Tom Marshall, Premier of Newfoundland and Labrador opened the conference with a keynote address.

In the presentation, Premier Marshall reminded delegates that Newfoundland and Labrador produces 35 per cent of Canada’s light crude oil output. “Last year we had the largest find in the world with Statoil’s Bay du Nord prospect,” he said and told the audience that he believes there is still “massive potential in our offshore oil and gas industry.” He also underscored the fact that the Noia conference provides an important the opportunity for industry players to come together and talk about next steps and how “we can partner to make that potential a reality.”

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.

The Honourable Derrick Dalley, Minister of Natural Resources, helped wrap-up the Noia conference with a speech that recognized the offshore petroleum industry as the largest contributor to the provincial GDP at 33 per cent.  He pointed out that with an oil production value of over $8 billion, the royalty revenues for 2012 alone amounted to $2 billion.

“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.” He said that the offshore petroleum industry is a major employer in the province providing employment for more than 8,000 Newfoundlanders and Labradorians on producing projects. “The provincial petroleum industry will continue to fuel long-term economic growth and ensure jobs for Newfoundlanders and Labradorians, for many years to come.” said Dalley.

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