REDAS WORK TO ENCOURAGE DEVELOPMENT IN THE OIL AND GAS SECTOR

A number of regional economic development authorities (REDAs) have embarked on a strategy to encourage development in the oil and gas sector in central Saskatchewan.

The Battlefords, Big Gully and Border REDAs - known as the REDA Strategic Alliance - and the West Central REDA have partnered to collect information and research trends in exploration, production and servicing of the sector. The results will help form an action plan to pursue sector business development in the region.

"With prices for oil and gas strengthening, opportunities exist to expand and develop this sector, which will grow the economy, create higher value jobs and further improve quality of life in the region," Deputy Premier and Rural Development Minister Clay Serby said. "Communities, municipalities and existing businesses will be more informed regarding potential opportunities and better able to plan for anticipated growth once accurate information is available regarding the region's biggest sector."

The strategy will determine the level of current and future exploration and production, and identify barriers to expanded development of the oil and gas sector. It will also compare costs and regulations for local communities with those of provincial and international jurisdictions. The strategy will also identify expansion opportunities for existing businesses and potential new investors.

"Oil and gas are historical strengths of this region's economy that we want to aggressively develop," REDA Strategic Alliance general manager Ryan Bater said. "If there is an opportunity to be had from oil and gas sector activity, then we need to be proactive, rather than reactive. Let's go after it instead of waiting for it."

The project received $7,000 through Saskatchewan Rural Development's REDA Enhancement Fund, which provides cost-shared funding for regional project development, and is expected to be completed by March 31st, 2006.

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For More Information, Contact:

Donna Rehirchuk Rural Development Regina Phone: (306) 787-2359