Estimates show great potential for oil on west coast

The Port au Port area of the province may have an abundance of oil reserves. Gerard Edwards, the President of Canadian Imperial Venture Corporation, says that new estimates of the potential for new oil discoveries in the area are enormous. It is estimated that 88-billion to 218-billion barrels of oil exist, and Edwards says that even if only five per cent of this estimate is accurate there will still be a significant amount of recoverable oil.

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