FREDERICTON (GNB) – The provincial government is ensuring that energy and mineral development will proceed in a safe and responsible manner by investing in human resources, research, exploration assistance and geoscience.

Energy and Mines Minister Craig Leonard outlined these areas of focus today while releasing the department's budget estimates in the legislative assembly.

“Our budget showcases our commitment to capitalize on our natural resources to create economic growth, jobs and revenue for our province,” said Leonard. “By making strategic investments in key areas such as energy and mineral projects, research and investment, we are laying the groundwork and ensuring the successful development of sectors that hold much promise for our province.”

The 2014-15 budget for the department allocates $400,000 to hiring new employees who will be responsible for resource development files such as large energy, mining and petroleum development projects. These new positions will ensure that the department can meet the needs of this growing sector of New Brunswick's economy.

In addition, $200,000 will be spent on acquiring data required to gain a better understanding of existing geological and geophysical information relating to the province’s offshore. This investment supports the government's commitment to pursue the potential of offshore oil and natural gas resources.

Similar to the previous year’s budget, $1 million will again be designated to fund energy research efforts by the New Brunswick Energy Institute to help address current questions associated with energy development.

Again this year, the provincial government will be helping junior mining companies and prospectors through its New Brunswick Exploration Assistance Program. The funding for the initiatives under this program will be more stable this year, totalling $1 million, which includes an additional $500,000 in funding that was previously allocated through the Regional Development Corporation. The initiatives under this program help advance mineral exploration and development in the province and maintain its competitive position as an attractive place in which to invest.

“We have good reason to be optimistic about our budget as we expect our economy will grow as a result of these initiatives,” said Leonard. “Our natural resource and energy sectors are expected to produce economic growth and additional revenue. We must seize these opportunities and put our natural resources to work for the people of this province.”


24-02-14