Petro-Canada plans to continue its considerable investment in Atlantic Canada.
Gordon Carrick, vice president East Coast operations for Petro-Canada, told attendees at Newfoundland's Oil & Gas Week luncheon Tuesday that Petro-Canada is giving Atlantic Canada, "a high degree of priority."
Carrick credited cooperation for the successes to date in what he called, "one of the harshest offshore environments in the world." According to Carrick, operators, government, and suppliers have contributed to raising employment levels in the province and training native Newfoundlanders for jobs in the oil and gas industry. The industry was responsible for adding $800 million to the local economy in 2003, he said.
"We did it here, and we did it together," Carrick said.
Carrick pointed out the serious challenges to developing Atlantic Canada's offshore reserves, noting that heavy oil, natural gas, marginal fields, and deepwater are all formidable considerations. Despite the many obstacles, he said, Petro-Canada is in for the long haul.
According to Carrick, 27% of the company's production comes from Atlantic Canada. And when the White Rose development comes onstream in 2005-2006, that number will be considerably higher.
"There is no place I would rather be than right here, right now," Carrick said.