Noia 2016 Oil & Gas Conference Concludes on Note of Optimism for the Future

Posted in Releases on June 23, 2016

St. John’s, NL (June 23, 2016)  -- The 32nd annual Newfoundland and Labrador Oil & Gas Industries Association (Noia) Oil & Gas Conference concluded today with delegates hearing from Natural Resources Minister Siobhan Coady, Statoil Canada, Nalcor Energy and Nexen Energy.

“Over the past three days, we have heard promising news from the operator community, including Suncor’s work towards extending the life of the Terra Nova oil project 10 years beyond the original targets; the results of Statoil’s recent 19-month drilling program which resulted in new discoveries at the Bay de Verde and Baccalieu prospects in the Bay du Nord area; Nexen Energy’s positive assessment of the province’s potential and long-term commitment to the area; and of course, Nalcor Energy’s exciting seismic work which has uncovered a new play type in the West Orphan Basin, further confirming the significant potential of another of this province's deep water basins,” said Robert Cadigan, President and CEO.

“During the Conference, we also received commitment from the Provincial Government to imminently establish an industry development council with a mandate of ensuring a strategy and vision for the development of locally-placed supply and service capabilities. We look forward to playing a pivotal role on the council as we collaborate with all industry stakeholders to develop a sustainable competitive, long-term oil & gas industry for Newfoundland and Labrador.”

Raymond Collins, Chair of Noia’s Board of Directors and Chair of the 2016 Conference Committee also offered his thoughts on this year’s Conference. 

 “Despite the current industry conditions, there was an overwhelming sense of optimism among delegates and speakers at this year’s conference. There seemed to be a shared realization that not only are we on the way out of this low, but that we have a very promising future ahead – not only for our provincial offshore industry, but globally. There is also agreement that we have learned a lot from this prolonged downturn; primarily, that we need to become more efficient, as well as more competitive, in order to attract early investment opportunities – both of which will only make for a stronger industry in the long term,” said Mr. Collins. “On behalf of the Board, I would like to thank everyone for making the effort to participate in this year’s conference – from our speakers and sponsors to each and every delegate over the past three days. We look forward to delivering an equally successful conference in 2017.”  

The Noia Oil & Gas Conference is Canada’s flagship offshore oil & gas industry event, attracting industry leaders from around the world. The 2016 program featured an impressive roster of prominent speakers to address key industry topics, with sessions dedicated to: the impact of oil prices on global markets; responses and actions resulting from the drop in oil prices in different jurisdictions and what these mean to the Atlantic Canada offshore; the current opportunities in the Jeanne d’Arc Basin; technology and innovation and their impact on operational efficiency; as well as an informed look at the future of exploration and assessment of Newfoundland and Labrador’s frontier basin potential.

The 33rd Noia Oil & Gas Conference will take place June 19 to 22, 2017.

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