The Noia Conference has officially launched for those in the Canadian offshore drilling industry. The Conference, hosted by Newfoundland & Labrador Oil & Gas Industries Association—Canada's largest offshore petroleum association—is being held at the St. John's Convention Centre in Newfoundland from June 17-20 to bring together industry professionals and government officials to discuss the future of the industry.

According to CBC News, Newfoundland and Labrador Premier Kathy Dunderdale announced that future licensing rules may allow more companies, and more small companies, to drill off the coasts of Newfoundland and Labrador. She explained that with current drilling rules, offshore drilling businesses must decide relatively quickly on possible bids. By lengthening the bidding process, companies will have more time to review the information, including seismic data, and will likely be able to accommodate more businesses. This longer timeline will also help to expand the amount of information available for drilling, helping companies make stronger bidding decisions and expanding activity in the industry.

"We need to be attractive, accessible and competitive," Dunderdale said at the conference. "We have a message for companies in the industry — we are not just open for business, but we are aggressively pursuing it."

As more companies are able to drill in these areas, it's important for offshore drilling managers to have the necessary protection as well, by investing in offshore oilfield insurance. In an industry as important, but as dangerous as this one, having the extra safety precautions to protect workers and their equipment can allow companies to comfortably expand into other areas of the country. 

Related Posts