By the OGJ Online Staff
HOUSTON, Nov. 29 -- The Newfoundland Oil Industry Association, St. John's, said Thursday that it will hold a forum in March to promote the continued exploration of the province's oil and gas resources.
Leslie Galway, NOIA president and CEO, said that stakeholders need to agree on a strategy.
"It is important to remember that while oil and gas is a strong sector in the provincial economy, its continued strong performance will come from a combination of producing operations, development of existing finds, and exploration of the considerable potential that remains."
NOIA has written the provincial government, the federal government, and the Canadian Association of Petroleum Producers proposing the forum.
Participants would review the current state of the industry in Newfoundland and Labrador to determine what the major players envision for the future.
"The industry is founded on the basis of strong partnerships and the key to the future will be development of a clear vision shared by the partners," said NOIA.
Galway said the recent land sales by the Canada-Newfoundland Offshore Petroleum Board seem to continue a downward trend in the level of exploration.
"Offshore is an inherently risky area for exploration and development. It is imperative for the future of the industry that we remain competitive in every sense of the word," Galway said.
