The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) released its Annual Report for 2006-07 today. This is the 22nd Annual Report for the C-NLOPB and the first for Max Ruelokke since being appointed Chair and CEO in October of 2006.

The Report highlights the activities of the C-NLOPB over the past fiscal year, and includes as well information about the province’s oil and gas industry and its contributions to the province’s economy.

Mr. Ruelokke says the offshore oil and gas industry is the largest single industrial contributor to the provincial economy. In 2006, total production was about 110 million barrels with a value of more than $8.2 billion. Petroleum companies have cumulatively spent more than $21.5 billion in exploration and development. The on-going operational expenditures of the industry are about $1.3 billion per year, of which 55% occurs in Newfoundland and Labrador and a further 23% in the rest of Canada. The offshore oil and gas industry is also a major employer. At the end of 2006, it directly employed 2,837 persons, which was almost 1.3% of total employment in the province. Indirectly, through spin-off effects, the industry accounted for almost 3.9% of total employment.

Exploration work expenditure commitments by operators currently total over $816 million in future exploration activities.

The Board continued to evaluate and improve the effectiveness and efficiency of its operations last year and just recently concluded a review of all its practices and procedures. Mr. Ruelokke said that the Board will be proceeding with implementation in 2007-08. In addition, the Board has begun the process of improving its website and strengthening its public information program.

Mr Ruelokke paid tribute to the support and commitment of Board members and commended Board staff for their superb performance and outstanding professionalism. The Annual Report 2006-2007 is available from the C-NLOPB office or on the Board’s web site at www.cnlopb.nl.ca.

Media Contact:
Sean Kelly APR
Manager, Public Relations
(709) 778-1418
skelly@cnlopb.nl.ca