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Budget assumptions versus daily Brent spot prices and year-to-date (YTD) averages. Fiscal Year. Note: The daily Brent spot prices are the daily Brent closing spot prices from the U.S. Energy Information Administration.
Jul 9, 2021 · The trips have not been as frequent since 2020, the result of historically low oil prices due to the pandemic and resulting economic downturn. Last year oil prices dropped to below $20 a barrel. In Newfoundland and Labrador, the West White Rose extension project stalled, shutting down construction on a gravity-based platform at Argentia.
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 ).
The purpose of this report is to show how the oil and gas industry impacts the Newfoundland and Labrador economy and how potential growth in output in the years ahead could benefit the province. Specifically, the report will address: • The current economic impact of the offshore oil industry on the Newfoundland and Labrador economy, including:
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]. Newfoundland and Labrador is also the only ...
May 29, 2023 · Projects threatened by the pandemic are back online. Construction and exploration work is accelerating. But with experts — and even oil companies — projecting global demand for oil will begin...
Jul 27, 2020 · PANDEMIC, GLOBAL OIL PRICE SHOCK EXTEND RECOVERY. SUMMARY. COVID-19 is expected to drive Newfoundland and Labrador’s fiscal year 2020–21 (FY21) deficit to a near-record $2.1 bn (and a record 7.3% of nominal GDP) (chart 1) according to a fiscal update released Friday.
