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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: SliderOnTheBlack who wrote (44179)	5/6/1999 1:09:00 PM
From: Think4Yourself	Respond to of 95453

VERY bullish news for FGI, which recently bought a valuable shipyard in Marystown, Newfoundland for $1.00 (yes, 100 pennies) and a guarantee to keep the workers employed for a certain time. Premiers tout drilling off Canada's east coast The Fort Worth Star-Telegram HOUSTON - Comparing their region to the oil-rich North Sea, the premiers from two of Canada's eastern provinces touted an emerging offshore energy sector at one of the industry's largest trade shows yesterday. Premiers Russell MacLellan of Nova Scotia and Brian Tobin of Newfoundland and Labrador were at the Offshore Technology Conference in Houston to remind industry leaders that not all of Canada's energy potential is in the west. "As you can see, there's more than the sun on the rise in eastern Canada," MacLellan said after announcing that exploration firms had bid a Nova Scotia record of $409 million to drill 19 offshore parcels. Also, MacLellan said the massive Sable Offshore Energy Project is running on time and will begin producing natural gas in November. A new pipeline is scheduled to bring gas to eastern provinces and New England by 2000. Regarding nearby Newfoundland, Tobin reported that 23 discoveries so far have confirmed reserves of 1.6 billion barrels of oil and 8 trillion cubic feet of natural gas. Tobin's government also estimates that 5 billion barrels of oil and 50 trillion cubic feet of natural gas remain undiscovered in the resource-laden Jeanne d'Arc Basin and other waters bordering his province. "Newfoundland and Labrador expects to produce about 400,000 barrels of light oil per day by 2004," Tobin said. "This will represent what I think is a magnificent shift from zero percent to more than one-third of Canada's conventional light crude oil supply in a few short years." While much of the Canadian gas will be burned in Nova Scotia and Newfoundland, most of the region's oil production is for export. Geologists have long known about oil and gas lying beneath the deep waters off Canada's eastern shore, but it wasn't cost-effective to lift it to the surface until recent technological advances. "Where offshore once was considered high-cost, now it's cost- efficient," said Tobin, who boasted that none of Newfoundland's projects has been canceled during the recent price slump. PHOTO(S): Associated Press (Copyright 1999)