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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.
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.
Jan 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.
- Thousands of Jobs
- Crucial Six Months
- The Refinery
Charlene Johnson, president of Newfoundland and Labrador Oil and Gas Industries Association (Noia), says she hated seeing thousands of people in the province lose their jobs. “I have heard heartbreaking stories from people who lost a well-paying job and remain unsure of what lies ahead for their family,” she told The Telegram. “Christmas looks very...
Barnes expects the next six months will say a lot about the short-term future of the sector, including whether Cenovus Energy will try to resume construction on the West White Rose project in 2022. He believes Equinor will make a decision on its Bay du Nord project and anticipates companies with exploration opportunities will decide whether to secu...
As for the Come By Chance refinery, which remains in warm-idle mode, Parsons understands it’s a hard market in general for oil refineries. He is optimistic and hopeful about the refinery’s future given multiple parties are inquiring about NARL. “Right now, I do think we’re moving towards a positive outcome,” he said. “But it’s not our asset to sell...
Sep 1, 2022 · Producing offshore projects average a break-even price of $18.10 per barrel of oil equivalent, compared with $28.20 per barrel for onshore, according to Rystad.
Sep 12, 2022 · The oil sector has paid, on average, $1.3 billion each year to the province since 2004, but that amount has been trending down in recent years, coming in at $532 million in 2020-21. At a time when the world recognizes the need to end the reliance on fossil fuels, Newfoundland and Labrador is planning to double offshore oil production by 2030.
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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.
