News Release

REF NO.: 59

SUBJECT: Offshore Oil and Gas: Is Newfoundland and Labrador Getting Its Fair Share?

DATE: November 10, 2006

The economy of Newfoundland and Labrador is among the fastest growing in Canada, mainly due to its oil and gas industry. Yet, questions have arisen as to whether the province is getting its fair share of benefits from the exploiting of its oil and gas resources. Who benefits the most from exploiting Newfoundland and Labrador’s oil and gas resources – petroleum multinationals, local suppliers or the people of the province? How does our royalty regime compare with that of other oil-producing regions, such as the North Sea, the Gulf of Mexico and Alaska? Is “fallow-field” legislation a viable or appropriate option for Newfoundland and Labrador, given the current state of development of the industry? Just how strong is the province’s bargaining position in the global oil and gas industry?
            The Leslie Harris Centre of Regional Policy and Development presents the public forum, Offshore Oil and Gas: Is Newfoundland and Labrador Getting “Its Fair Share?" on Wednesday, Nov. 15, at 7:30 p.m. in the Inco Innovation Centre lecture theatre – IIC 2001. The session will feature Dr. Wade Locke, Department of Economics, the foremost expert on oil and gas economics in Newfoundland and Labrador. He will be accompanied by an expert panel composed of: Ted Howell, president and CEO of the Newfoundland Ocean Industries Association; Jim Keating, vice-president of business development for Newfoundland and Labrador Hydro; and Brian Maynard, vice-president (stewardship, public affairs and Atlantic Canada) with the Canadian Association of Petroleum Producers.
            The public is invited to attend and participate in a dialogue and a question and answer period. Free admission and free parking in Lot 18. Reception to follow.
            Media agencies are encouraged to send representatives.
The Harris Centre:
            The Leslie Harris Centre of Regional Policy and Development (The Harris Centre) was approved by the Memorial University Board of Regents on Sept. 8, 2004, and announced Oct. 1, 2004. It is named in honour of Memorial University scholar and president emeritus Dr. Leslie Harris. Dr. Harris exemplifies the contribution of Memorial University to regional policy and development in Newfoundland and Labrador.
            The Harris Centre is tasked with co-ordinating and facilitating the university’s educational, research and outreach activities in the areas of regional policy and development. It works with all faculties and departments within the university and serves as a reliable point of access for all stakeholders seeking to work with the university in activities related to regional policy and development.

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