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Newfoundland and Labrador’s offshore oil and gas industry is: • An important driver of economic activity and tax/royalty revenue for the province including contributing 23 percent of provincial gross domestic product (GDP) in 2017, supporting 23,509 jobs (direct, indirect and induced),
May 29, 2023 · But with experts — and even oil companies — projecting global demand for oil will begin to fall as early as 2030, how long will the rebound last? The Newfoundland and Labrador oil sector...
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.
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].
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.
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.
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Within three months, the price had plunged to $9.12 (USD) and recovered somewhat to stand at $50.22 (USD) at the end of 2020. In those 12 months, oil exploration and production company strategies made a pivot from exploration expansion to managing reduced cash flows.
