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Mar 11, 2020 · Release date: 2020-03-11. Newfoundland and Labrador is the dominant producer of crude oil outside of western Canada, producing approximately 6% of Canada’s total production in 2019. All five of Newfoundland and Labrador’s currently producing projects and recent discoveries are offshore [PDF].
Jul 9, 2021 · Then there’s price uncertainty because the Organization of the Petroleum Exporting Countries (OPEC) is considering an increase in production. Still, Barnes said even if OPEC decides to increase production, causing a price drop, a price of around $50 to $70 a barrel is still profitable for producers.
In 2020, Newfoundland and Labrador’s oil production was 282.7 thousand barrels per day (Mb/d), or 5% of Canada’s overall production and 24% of Canada’s light oil production. ( Figure 1 ).
This report evaluates the economic impact of Newfoundland and Labrador’s offshore oil and gas industry now and projects the potential increase in economic impact in the province and across the country if the Advance 2030 production targets are achieved. Newfoundland and Labrador’s offshore oil and gas industry is:
On a year-to-date basis, approximately 24.6 million barrels of oil were extracted from offshore Newfoundland and Labrador over the January to April 2024 period, down 3.9% compared to the same period last year.
Dec 3, 2021 · A recent study suggests, however, that when total development costs are included, oil production off Newfoundland costs on average about $22 per barrel and can reach as high as $35 per...
This map outlines Equinor's offshore assets in Newfoundland and Labrador. — EQUINOR - File photo. Then there’s price uncertainty because the Organization of the Petroleum Exporting Countries (OPEC) is considering an increase in production.
