The Canada-Newfoundland and Labrador Offshore Petroleum Board released its Annual Report for 2005-2006 today, reviewing two decades of growth in the oil and gas industry while anticipating extended production and new exploration potential. The Report includes the recent revisions to the C-NLOPB Reserves and Resources estimates, which adds more than 700 million barrels of oil to previous estimates.

Fred Way, Acting Chair and CEO of the Board, says offshore activity is now a $1 billion a year industry in Newfoundland and Labrador, contributing more than 14% of the province’s Gross Domestic Product (GDP) and accounting for 36% of Canada’s total light crude production. More than $800 million was spent in capital investment during the past fiscal year, and the industry provided 21% of the total capital investment in the province.

Mr. Way added that the C-NLOPB still holds nearly $800 million in exploration commitments, and areas of potential development include the Orphan Basin, the Laurentian Subbasin, and the Sydney Basin which is included in this year’s C-NLOPB land sale process. “It is a vibrant, expanding industry which will become even more complex with the development of deep-water drilling technology and innovative production equipment and practices,” he said, and paid tribute to the professional and support staff for meeting regulatory challenges in the key mandates of safety, environmental protection, resource management, and industrial benefits through 20 years of Board operation. Sixteen of the Board’s staff were original employees when the Board began operation in 1986, and their contribution is recognized in the 20th Anniversary edition of the C-NLOPB Annual Report.

The Annual Report 2005-2006 is available in English and French print versions from the C-NLOPB office, or on the Board’s web site at www.cnlopb.nl.ca

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