The incoming premier of Newfoundland and Labrador says there is still a lot of oil to be recovered off the coast of the province.

Frank Coleman made the comment during a speech at the Rotary Club of St. John's on Thursday.

According to Coleman, energy is the key financial driver for the province's economy to date, and that will continue to be the case for some time.

"There is more there. When you talk to the experts, there is more out there, an awful lot more, and it will have a huge impact on our province," said Coleman.

'Rookie politician'

Coleman said during a speech on Thursday he's aware that he started his leadership as a 'rookie politician.'

"My political career this far has been anything but boring, that's for sure, and it certainly has had its share of ups and downs," he said.

"There was some criticism along the way, and they had a bit of a field day, but I don't mind that because it reminds me actually of just how seriously Newfoundlanders and Labradorians take their politics, and good on them."

He said he got into the leadership race with the knowledge he had a lot to learn.

"I also got into this race admittedly as a rookie politician with an awful lot to learn, and let me tell you, I don't think there is any steeper learning curve than getting into public life."

Coleman also made a crack about some of the media coverage of his new political career. 

"You learn that hanging out at a hockey game with colleagues and friends classifies as breaking news," said Coleman, referring to when he was seen with members of the PC caucus in former premier Danny Williams's box at a recent IceCaps game. 

"You learn that everything from your haircut to what clothes you pick out to wear every morning suddenly matters."

Coleman is set to become premier following a Progressive Conservative party convention in early July.