Natural Resources Canada

Natural Resources Canada

March 08, 2012 16:45 ET

Minister Oliver Highlights the Contribution of the Growing Energy Industry to Newfoundland and Labrador

ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(Marketwire - March 8, 2012) - The Honourable Joe Oliver, Minister of Natural Resources, today addressed the Newfoundland & Labrador Oil & Gas Industries Association (NOIA) to discuss the important contributions the oil and gas sector has made to the province's economy.

"It is not an exaggeration to say that the oil and gas industry has transformed the economy of this province," said Minister Oliver. "Together with new mining developments, the Newfoundland and Labrador oil and gas industry is leading a resurgence of the natural resource sectors in this province."

"Led by the resource sectors, the value of the province's merchandise exports increased by nearly 40 percent last year, well ahead of any other province," said Minister Oliver. "Those numbers translate into real, tangible benefits for the people of this province - more and better jobs; tax cuts for families at all income levels; lower taxes for small businesses; and new investments in services and infrastructure that play such an important part in building stronger communities and attracting new investment."

Minister Oliver also took the opportunity to highlight the important work the Government of Canada is doing on regulatory reform in order to ensure future economic prosperity and energy security.

"Regulatory modernization is a key priority for our Government," said Minister Oliver. "We need a regulatory system that works and provides a competitive advantage for Canada."

"We have to recognize that the global economic balance is shifting, and it's essential that we adapt to these changes. As attractive as this country is to investors, we can do better," said Minister Oliver. "Our Government is committed to ensuring that Canada can attract the investment it needs to develop its natural resources and build the infrastructure we need to move our resources to these new markets."

While in St. John's, the Minister hosted a roundtable with representatives from the Canadian Association of Petroleum Producers and met with executives from NOIA to discuss issues and opportunities for the oil and gas industry. The Minister also met one-on-one with Newfoundland and Labrador's Premier, the Honourable Kathy Dunderdale, to discuss the importance of energy development in the province.

The Minister also took the opportunity to tour the G. J. Cahill Ltd. fabrication facility. This facility, which provides materials to the oil and gas industries in Newfoundland and Labrador, Nova Scotia and Alberta, has expanded its workforce to over 1,400 employees to accommodate the needs of the growing energy industry in those provinces.

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