The following statement was given today in the House of Assembly by the Honourable Lloyd Parrott, Minister of Energy and Mines:

Speaker, since assuming office last fall, our government has taken decisive action to unlock the full potential of Newfoundland and Labrador’s energy sector. Advancing offshore natural gas development is a key part of that plan.

Earlier resource assessments completed between 2011 and 2021 estimate 330 trillion cubic feet of natural gas in-place potential in less than 20 per cent of the offshore area.

New findings released this week through Phase II of the Natural Gas Resource Assessment of the Jeanne d’Arc Basin provide a clearer understanding of the province’s recoverable natural gas resources and support efforts to advance commercial development.

Combined results from Phases I and II estimate total recoverable gas between 19.8 and 35.4 trillion cubic feet.

We have been actively promoting natural gas opportunities offshore and working to attract interest in exploration and development.

These resources are in shallow water, close to existing infrastructure, supported by modern seismic data, and in many cases already confirmed through discovery wells.

We will turn this potential into opportunity by launching targeted consultations on a new royalty framework and advancing a feasibility study.

Our government is committed to developing our natural resources for the benefit of all of us. We are working to create jobs, attract investment, and strengthen energy security while positioning Newfoundland and Labrador as a leader in responsibly developed natural gas.