The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) released its Annual Report for 2008-09 today, available in both English and French.

The crash of Cougar Flight 491 on March 12, 2009, marred what was otherwise a very successful year for the Newfoundland and Labrador oil and gas industry and the C-NLOPB. This year’s annual report is dedicated to the victims of this terrible tragedy.

In January 2009, the Newfoundland and Labrador offshore oil and gas industry produced its one billionth barrel since starting production in 1997. This is a significant milestone for the Newfoundland and Labrador oil and gas industry as a whole.

During 2008, expenditures related to work in this area amounted to $1.68 billion, directly accounting for 36% of the provinces Gross Domestic Product (GDP).

As of December 31, 2008, 3455 persons were working in direct support of petroleum related activity in the Newfoundland and Labrador Offshore Area. This accounts for almost 1.65% of total employment in the province, which is an increase from 2007.

In 2008, the Board accepted 11 successful bids in the Newfoundland and Labrador Offshore Area, totaling $318,722,680, with four of these successful bids located in the Labrador Offshore Area. As of March 31, 2009, there were 38 Exploration Licences issued in the Newfoundland and Labrador Offshore Area with total work commitments in excess of $872 million.

Further information on the C-NLOPB and a copy of the Annual Report for 2008-09 is available from the Board’s website at www.cnlopb.nl.ca or by e-mailing a request to information@cnlopb.nl.ca

Media Contact:
Sean Kelly APR, FCPRS
Manager of Public Relations
(709) 778-1418
(709) 689-0713
skelly@cnlopb.nl.ca