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  1. www.gov.nl.ca › fin › brent-crude-trackingOil Prices – Budget Assumptions vs. Daily Brent Spot Prices

    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.

  2. energynl.ca › 2021 › 07Will Newfoundland offshore oil industry reboot with rising ...

    Jul 9, 2021 · 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. The floating production, storage and offloading vessel Terra Nova has been at anchor at Bull Arm since last summer.

  3. www.gov.nl.ca › budget › 2021The Economy - Government of Newfoundland and Labrador

    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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  4. energynl.ca › 2021 › 01What's on the horizon for Newfoundland and Labrador's 2021 ...

    • 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...

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    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...

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    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...

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  5. www.cbc.ca › news › canadaHit hard by the pandemic, N.L.'s oil sector is on the rebound ...

    May 29, 2023 · The Newfoundland and Labrador oil sector is on the upswing. Projects threatened by the pandemic are back online. Construction and exploration work is accelerating.

  6. www.nationalobserver.com › 2022/09/12 › analysisWhy Newfoundland and Labrador is going all-in on offshore oil

    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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  8. www.saltwire.com › atlantic-canada › businessWill Newfoundland offshore oil industry reboot ... - SaltWire

    Plans for a refit were delayed while a task force of government and industry assessed how best to spend the $320 million provided by Ottawa last fall to aid the offshore oil industry. Now there are signs of a turnaround. This week the value of Brent Crude surged to a six-year high of $76 a barrel. The Terra Nova FPSO — Contributed.