UPDATE: More exploration needed, Dunderdale tells Noia

James
James McLeod
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Conference will include updates from Husky Energy, Statoil, Nalcor, Suncor

Premier Kathy Dunderdale kicked off this week's Newfoundland and Labrador Oil and Gas Industries Association (Noia) oil and gas conference with a call for oil and gas exploration.

The week's conference is the cornerstone event of the province's oil and gas industry, and features updates from the major offshore oil companies, and discussions on exploration, safety and other industry issues.

Speaking to the room, packed with oil and gas industry people, Dunderdale celebrated the growth of the offshore industry in the past few years.

"We are experiencing a great momentum right now in Newfoundland and Labrador's oil and gas industry," she said. "We have hit our stride."

At the same time, she stressed that the province's success has been "hard fought" both by the government and by people in the industry.

But she also said the industry is past peak oil on existing fields, and more exploration is needed.

"We need new fields," she said "We need to be attractive."

Dunderdale said this is why the government, through Nalcor, has spent money on seismic testing and exploration data.

By doing this, Dunderdale said the government can minimize risk for oil companies, and attracting players to the province.

Continued...

Organizations: Husky Energy, NOIA, Statoil Nalcor Energy Canada-Newfoundland and Labrador Offshore Petroleum Board Newfoundland and Labrador Oil and Gas Industries Association CBC Enegi Oil

Geographic location: Newfoundland, White Rose South, Western Canada East Coast

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Recent comments

  • James
    June 18, 2013 - 09:14

    My God (hope I didn't offend anyone), that is the first thing that has come out of her mouth that I actually agree 100% with.

  • Charlie
    June 18, 2013 - 09:13

    When this Premier appointed a beer distributor as Chair of the Board of Directors for Nalcor I realized we are dealing with a woman who is incompetent!! Who is the Premier taking to China with her? The media needs to get the truth on that!!

  • JJT
    June 18, 2013 - 08:40

    Translation: the province desperately needs more money because the PCs have already spent all present and future oil revenues.

  • Yes, girl
    June 18, 2013 - 08:29

    "We need new fields," she said "We need to be attractive." Look at our drug problem. We now have biker gangs. We can't walk the streets anymore. We can't leave anything at the cabin. We have to lock our cars and doors. We can't leave anything in our cars at the mall or downtown. We can't afford to buy a house. Yes girl, we need to be more attractive.

  • Jack
    June 18, 2013 - 08:18

    In addition to oil exploration along the Labrador Sea and Atlantic Ocean areas of Newfoundland, greater attention must be placed on the Gulf of St. Lawrence basin which has potential for vast oil fines. At the same time, the other issue are that exploration companies focusing on the Gulf of St. Lawrence area are grossly undervalued, particularly Canadian Imperial Venture and their subsidiary, Shoal Point Energy, and Foothills Capital Corporation (Black Spruce Exploration's parent company). In the case of Canadian Imperial Venture, while this company makes great discoveries, their company has difficulty increasing stock value. Even their recent 10 for 1 stock consolidation doesn't seem to work as their stock value keeps declining. The other root of the problem with Western Newfoundland oil exploration are not just under-recognition and investors punishing exploration companies like Canadian Imperial Venture for no legitimate reason, but public opposition to fracking/hydraulic fracturing. Maybe if investors start rewarding companies for great finds, especially Canadian Imperial Venture, more people will interested in investing in Newfoundland based oil companies, resulting in greater oil and gas exploration in Western Newfoundland.