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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.
The current price of WTI crude oil as of July 04, 2024 is $83.97 per barrel. Interactive chart showing the daily closing price for West Texas Intermediate (NYMEX) Crude Oil over the last 10 years. The prices shown are in U.S. dollars.
YearAverageclosing PriceYear OpenYear High2024$78.95$71.65$87.012023$77.64$80.26$93.842022$94.53$76.08$123.702021$68.17$47.62$84.65Jan 4, 2022 · According to our December 2021 Short-Term Energy Outlook (STEO) estimates, U.S. crude oil production in 2021 decreased by 0.1 million barrels per day (b/d) from 2020 and by 1.1 million b/d from 2019.
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- Energy Transportation and Trade
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Crude Oil
1. 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). 2. Newfoundland and Labrador is the largest producer of crude oil in eastern Canada, and is the third largest oil producing province in Canada, after Alberta and Saskatchewan. 3. Production occurs from four offshore developments: Hibernia, Terra Nova, White Rose and the White Rose Expansion Projects, and He...
Refined Petroleum Products
1. The North Atlantic Refineryin Come by Chance is the only refinery in the province. The refinery has been idle since March 2020 due to a rapid decline in demand for petroleum products caused by the COVID-19 pandemic. When operational, it had a capacity of 130 Mb/d. 2. In late 2021, American private equity firm Cresta Fund Management bought a controlling share in the facility, with plans to convert the refinery to produce renewable fuels. The facility, which has been renamed Braya Renewable...
Natural Gas/Natural Gas Liquids
1. In 2021, 433 million cubic feet per day (MMcf/d) of natural gas was producedat offshore Newfoundland crude oil facilities. It was used for power at the offshore facilities, reinjected into the ground to maintain reservoir pressure or increase oil, and a small amount was flared. 2. A small amount of NGLs are included with oil production, but there is no commercial production of NGLsin Newfoundland and Labrador. 3. Newfoundland and Labrador’s sales-quality natural gas resourceis estimated by...
Crude Oil and Liquids
1. There are no crude oil pipelines or crude-by-rail facilities in Newfoundland and Labrador. All offshore crude oil production is transported to refineries by ship. 2. Crude production is transported from the oil fields by shuttle tankers to the Newfoundland Transshipment Limited’s 3.3 million barrel capacity terminal located in Whiffen Head. The terminal received its first production from the Hibernia field in October 1998, from the Terra Nova field in February 2002, from the White Rose fie...
Natural Gas
1. There are no natural gas pipelines in Newfoundland and Labrador.
Liquefied Natural Gas
1. The LNG Newfoundland and Labradorexport project is in the early proposal stages. The project would involve building a central gas hub near the four oil-producing fields in the Jeanne d'Arc Basin and a 600 km subsea pipeline to Grassy Point in Placentia Bay. The company has registered the project in the Environmental Assessment process and is proceeding with an Environmental Impact Statement.
Total Energy Consumption
1. End-use demand in Newfoundland and Labrador was 180.6 petajoules (PJ) in 2019. The largest sector for energy demand was industrial at 43% of total demand, followed by transportation at 34%, residential at 15%, and commercial at 8% (Figure 4). Newfoundland and Labrador’s total energy demand was the ninth largest in Canada, and the fourth largest on a per capita basis. 2. Refined petroleum products were the largest fuel type consumed in Newfoundland and Labrador, accounting for 105 PJ, or 58...
Refined Petroleum Products
1. Newfoundland and Labrador’s motor gasoline demand in 2019 was 1 728 litres per capita, 36% above the national average of 1 268 litres per capita. 2. Newfoundland and Labrador’s diesel demand in 2019 was 1 199 litres per capita, 40% above the national average of 855 litres per capita. 3. Gasoline in Newfoundland and Labrador is primarily refined within the province at the North Atlantic Refinery. RPPs consumed in Newfoundland and Labrador are also supplied by the Irving Oil Refinery in New...
Natural Gas
1. None of the natural gas produced at offshore oil facilities is sold. The natural gas is used to power the offshore crude oil facilities, reinjected into the ground to maintain reservoir pressure, or flared.
The The price of Brent crude oil averaged US$41.96/barrel in 2020, down 34.7% from an average of US$64.30/barrel in 2019. The 2020 Calls for Bids in the eastern Newfoundland region resulted in a successful bid on one parcel of land totalling $27 million. Mineral shipments were valued at $4.4 billion in 2020, an increase of 17.3% over 2019.
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Excluding Applicable Taxes. Propane. Base Zone. 101.9. Excluding Applicable Taxes. Current Maximum Pricing: Motor Fuel - Heating Fuel. Maximum Pricing All Zones. 2022-23 Petroleum Products Pricing Review. How Maximum.
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Brent crude oil prices increased in May 2024, averaging US$81.75/barrel, up 8.3% from US$75.47/barrel in May 2023. The estimated value of Newfoundland and Labrador’s crude oil output is in Canadian dollars; the average Canada-US exchange rate in April 2024 stood at 73.1 cents/US dollar, compared to 74.2 cents/US dollar in April 2023.
