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Tuesday, February 16, 2016

February 16, 2016

 

For Immediate Release

 

Offshore Seismic Investments Pay Off by Driving Growth

 

Keith Hutchings, Opposition Finance critic, said, "The province's investments, through Nalcor, in offshore seismic studies have been paying off by generating record land sales and millions in economic activity."

 

"Seismic data is driving oil industry investment, job growth and revenue growth in Newfoundland and Labrador at a time when the global oil industry is struggling through a period of low market prices," he said.

 

"By collecting, marketing and controlling 2D seismic data, we have driven global interest in our offshore regions, where one of the largest finds anywhere in the world was made just a couple of years ago," he said. "We are showing the major players what's out there in our offshore region waiting to be developed, building our reputation as one of the best frontiers in the world to invest."

 

"It is important not to lose any ground in marketing our expertise, infrastructure and opportunities worldwide when industry leaders are telling us we need to be driving that interest and investment now to ensure that Newfoundland and Labrador is seen as the go-to place to invest when oil prices begin to rebound, as experts say they will," he said.

 

"Our reputation is pure gold, and our province's investment in seismic work is a major reason for that reputation. The industry's big players participated in our last sale of offshore exploration parcels, even as the industry struggled through low oil prices, and that's fueled optimism, spending and jobs in our province at a time when other oil jurisdictions are struggling," he said.

 

“While economic conditions require a review of all expenditures, it is important to pay due diligence to investment options today that will ensure returns and wealth generation in the long term, and that will come from a strong vision on energy development, as laid out in the province's Energy Plan.”

 

"The importance of investing in seismic mapping is to capitalize on the potential of our current offshore projects and drive continuing growth and diversification in Newfoundland and Labrador. That benefits St. John's, Marystown, Sunnyside and surrounding communities and the entire province, and keeps us in a state of readiness," he said.

 

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Media Contact:

 

Heather MacLean, Director of Communications, Office of the Official Opposition

 

(709) 729 6105 heathermaclean@gov.nl.ca

 

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