NOIA to celebrate 25 years of the Atlantic Accord

Staff ~ The Telegram
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The Newfoundland Ocean Industries Association (NOIA) members and dignitaries are planning to celebrate the silver anniversary of a small document with a huge impact on, not only the oil and gas industry, but the province as a whole, according to a news release.
The 18-page Atlantic Accord was signed 25 years ago on Feb. 11, 1985.
NOIA is holding a celebration of the anniversary of the Accord at the original location of the signing of the Accord at then the Hotel Newfoundland, now the Sheraton Hotel.
The accord resulted in Newfoundland and Labrador gaining primary control over and becoming beneficiary of the resources found off our shores.
In addition, the establishment of a third-party board, the C-NLOPB for joint management meant that the regulatory environment would have a certain element of stability, continuity, and predictability. Requirements were made in the Accord regarding health and safety, research and development and education and training. These were all provisions to help build up a successful industry and ensure the longevity of the local supply and service sector.
"Local industry has come a long way since the inception of the Atlantic Accord," said Jack Lawlor, chairman of NOIA's board of directors. "We are now bringing our expertise to the global stage and international companies are seeking out our expertise and capabilities. The accord has become an example to other jurisdictions of how industry, government and stakeholders can work together to ensure that its people receive the greatest benefits from their natural resources."

Organizations: Newfoundland Ocean Industries Association, Sheraton Hotel

Geographic location: Newfoundland and Labrador

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