The Financial Post reports in its Tuesday, July 28, edition that Newfoundland and Labrador aims to establish a new liquefied natural gas export industry using its offshore reserves. The Post's Andrew Rankin writes that technical challenges, however, must be addressed to achieve LNG exports. The Jeanne d'arc Basin holds an estimated 27.6 trillion cubic feet of recoverable natural gas. That gas would be worth about $560-billion at current European benchmark natural gas prices. The province is promoting its offshore opportunities "to the world because we know that competition for investment is real and we have the resources right here in our province." Provincial officials say changing global energy markets have created an opportunity that did not exist a decade ago. The province's resource assessment is part of a broader effort to revive offshore natural gas development after exploration activity has slowed in recent years. The province is also developing a long-awaited offshore natural gas royalty regime and other incentives to encourage exploration and gas development, with the goal of establishing Newfoundland as a future LNG exporter that can serve European and other international markets.