Embrace our oil opportunity

10/9/2012

Letter to the Editor - By: Keith Goulding, President Greater Corner Brook Board of Trade, Corner Brook

Dear editor:and#8200;The oil and gas industry in western Newfoundland continues to grow at a very fast pace. More than 100 professionals from the oil and gas sector came to Corner Brook in September for our seventh International Symposium on Oil and Gas Resources in western Newfoundland to discuss the unique challenges and opportunities the oil and gas industry faces in our region.

At the same time Shoal Point Industries announced perhaps the single largest untapped oil resource in North America — right in our backyard.

This week, the Canada Newfoundland Offshore Petroleum Board (CNLOPB) visited our region to initiate a series of community engagements as they update their Strategic Environmental Assessment.

The result of which will be to assist the CNLOPB in making its decision to issue offshore exploration licences for this region. With so much at stake and so much economic potential for our region; this is indeed a welcomed event.

Our economy and our people can greatly benefit from additional industrial development on the west coast of Newfoundland.

We need to embrace this opportunity for all points of view to be shared as a balanced consultation process is critical to the development of an oil and gas boom right in our region.

The oil industry in this province has had a proven track record of more than 30 years of exploration and production in the waters off our coast and has proven time and time again its willingness to work with the regulators to ensure that the industry is safe and environmentally responsible.

Here in Newfoundland and Labrador we have a very robust regulatory process similar to that of Norway and the CNLOPB is to be commended for that.

We are leading the way in terms of operating in a safe and responsible manner in all our offshore activity.

The industry itself advocates for the application of best practices and efficient regulations to ensure responsible development.

We must support safe and responsible oil exploration both onshore and offshore as it will lead to great social and economic benefits to the west coast.

(Western Star)