Mr. Speaker, the Hibernia oil field lies 315 kilometres southeast of St. John's. In 1993, it was expected to pump 563 million barrels in its lifetime. In December it pumped its one billionth, and it will continue on for who knows how long. Why? It is because the reserves have been bigger than we projected, supporting three other projects and billions in exploration last year alone; because our light, sweet crude is easier and far cheaper to refine; because our oil is pumped in tidewater and can be shipped over the North Atlantic to the highest bidder; and because the ingenuity of the people in the Newfoundland oil industry knows no bounds.
Our innovations have turned a profitable operation into a hugely profitable one for its investors, including the government. We share our offshore expertise with the world.
This week, the Newfoundland and Labrador Oil and Gas Industries Association is holding its annual oil and gas week in St. John's. I say to them, keep innovating, keep creating the jobs we need, keep it up.