New Noia board announced following presentation by TGS senior vice-president
As keynote speaker for the Newfoundland and Labrador oil industry association’s annual general meeting, TGS senior vice-president Rod Starr was giving the soft sell to the nearly full ballroom at the Delta Hotel in St. John’s Thursday.
Rod Starr, senior vice-president Western Hemisphere for TGS, speaks at the annual general meeting for Noia at the Delta Hotel in St. John’s.
— Photo by Keith Gosse/The Telegram
TGS has been a partner with Nalcor Energy for the seismic data talked about throughout 2013, allowing the identification of new Labrador offshore basins and promoted in worldwide drop-ins by provincial government staff and the Crown corporation.
Hoping to spark new interest
Nalcor hopes the data will encourage greater interest and, ultimately, investment in the province’s offshore area.
After running through examples of countries where seismic data collection has boosted exploration licence purchases and test drilling, Starr threw two images up side by side.
One was of seismic information from the Jubilee oilfield off Ghana — a large reserve where production started in December 2010.
The second image was from the newest data to come from
Newfoundland and Labrador’s offshore.
“If you look at the new data being interpreted by folks at Nalcor and certainly others around the world, you know you’re seeing a lot of analogies. Is it going to be the next Jubilee? I don’t know. I’m not a geoscientist,” Starr said.
“But again, I think the point of this slide is there’s new data that’s never been seen by the industry before and it’s looking pretty good on many fronts.”
Noia president Bob Cadigan followed the keynote address by saying the case studies presented by Starr showed the optimism of local oil industry members, based on the new seismic information from
the province’s offshore, is “well placed.”
New Noia board
It was all part of a meeting that included the election of Noia’s board of directors for 2014.
The board has three new members: Liam O’Shea of Atlantic Offshore Medical Services, Andrew Bell of K&D Pratt Group and David Christmas for Schlumberger Canada Ltd.
Former Noia vice-chairman John Henley of North Eastern Constructors Ltd. has taken over as chairman from Trevor Giles of Technip Canada.
“Our current production rate of approximately 220,000 barrels of oil a day during 2013 is essentially all exported and, in fact, would enable us to join OPEC if we were an independent country.
“But it’s worth noting that our peak oil production was back in 2005-2006, was over 440,000 barrels of oil a day, so the industry has actually, production-wise, decreased over the past 10 years,” Henley reminded the gathering.
There were references to new projects in progress and prospects on the horizon, including the Hebron project, Husky’s West White Rose project, subsea extensions and Statoil’s deepwater finds in the Flemish Pass Basin.
“For our industry to flourish, we need to reinforce the following principles: the investors need to get a fair return on their investment; Newfoundland society, as the owner of the oil reserves, needs to receive a substantial benefit from the resource; and local companies need to participate in the development and operations of the resource. And I believe these principles are well-known and accepted in the province,” Henley said.
He said Noia has several projects planned for the year to encourage consideration of these principles and avenues for industry growth. There will also be the key events — including Noia’s annual conference, scheduled for June 17-20.