CORP. ACTIVITIES / Mobil Canada Opens In Atlantic Canada
NEW BUSINESS UNITS PLAN TO INVEST $4 BILLION IN EAST COAST OFFSHORE
ST. JOHN'S, Nfld., Sept. 23 /CNW/ - Mobil Canada, the largest interest
holder in the East Coast offshore oil and gas industry, stepped up its
leadership role Wednesday by announcing the opening of two Atlantic Canada
offices in St. John's, Nfld., and Halifax, Nova Scotia.
The two new business units in Newfoundland and Nova Scotia plan to invest
about $4 billion (Cdn.) in Atlantic Canada over the next five years.
''We're excited about the long-term potential of our business here,''
said Ken Miller, Mobil's Senior Vice President for Eastern Canada.
''The East Coast of Canada is one of Mobil's major areas of growth in the
world. We're encouraged by the business environment in both Nova Scotia and
Newfoundland and will continue to work to ensure the area's competitiveness on
a global basis.''
The Newfoundland office was opened today by Premier Brian Tobin and Mobil
Canada executives. The Nova Scotia office will officially open tomorrow at a
ceremony to be attended by Premier Russell MacLellan.
Mobil is the only oil company to open offices in both Newfoundland and
Nova Scotia to lead exploration and production activity on the Atlantic
offshore.
Mobil has the largest energy portfolio in the Eastern Canada offshore oil
and gas industry, and leads in significant discoveries, reserves, production
and active developments. The company is a major owner in the Hibernia oil
development, which began producing last November, and Terra Nova, which is
scheduled to begin producing oil by 2001. Mobil is also the largest
shareholder in the Sable Offshore Energy Project.
Off Newfoundland, the company holds interests in 13 significant
discoveries and in 14 exploration permits. Further drilling is planned to
commence later this year on the Hebron discovery (approximately 40 percent
Mobil interest) which lies between the Hibernia and Terra Nova developments.
Off Nova Scotia, Mobil holds interests in 13 significant discoveries, and in
exploration licenses and permits covering 3.4 million acres.
''It gives me great pleasure for Mobil to be taking such a strong
leadership role in the development of this important new resource industry for
Atlantic Canada,'' said Jerry Anderson, President of Mobil Canada. ''With our
existing infrastructure and knowledge of the basins, we are looking for
continued strong growth in production from the region and realizing
operational synergies to maximize the returns to our shareholders.''
Said Newfoundland Premier Brian Tobin: ''Mobil has already played a
tremendous role in the development of the oil industry in Eastern Canada. The
company's perseverance and leadership was a major contributor to Hibernia's
success and I'm sure that with the new Business Unit in the province, Mobil
will play an even bigger part in Newfoundland's future.''
Russell MacLellan, Premier of Nova Scotia, was enthusiastic about Mobil
Canada's new Nova Scotia Business Unit and its office in Halifax.
''Mobil played a leading role in getting the Sable Offshore Energy
Project restarted. Opening this new office in downtown Halifax confirms
Mobil's commitment to the development of Nova Scotia's oil and gas
resources.''
Mobil Canada is a wholly owned subsidiary of Mobil Corporation
headquartered in Fairfax, Virginia. Mobil Canada's headquarters is in Calgary.
Mobil Canada's Newfoundland exploration and production business unit is
led by Vice-President Andrew Adams, a native of St. John's, Nfld. The new
offices in St. John's are located at 235 Water Street. The Nova Scotia
business unit is headed by Vice-President Paul Bennett, a native of Toronto
who has worked on Scotian Shelf projects for more than 20 years. Mobil's
office in Halifax is at Founders' Square, 1701 Hollis Street.
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