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Oct 19, 2022 · Oil prices are higher than projected — up from $86 US per barrel to $102 per barrel — and production is up, from 83.1 million barrels to 85.2 million barrels.
Budget assumptions versus daily Brent spot prices and year-to-date (YTD) averages. Fiscal Year. 2022-23; 2021-22; 2020-21; 2019-20; 2018-19; 2017-18; 2016-17; Note: The daily Brent spot prices are the daily Brent closing spot prices from the U.S. Energy Information Administration
According to the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB), approximately 6.6 million barrels of oil were extracted from offshore Newfoundland and Labrador in April 2024, representing an increase of 1.0% compared to April 2023. The corresponding value of production increased by 9.6% (see chart below).
expected oil prices. Brent crude was originally thought to aver age US$86 per barrel for the 2022-23 fiscal year, but today’s up date lifts the fiscal year projection to US$102/bbl. Recall that at the time of the budget, it was estimated that for every dollar increase in the price of a barrel of oil, there would be an additional $13 million ...
Mar 25, 2022 · The northeast Avalon is set at $1.65 per litre, central Newfoundland is $1.69, Corner Brook area is $1.66, Stephenville is $1.69 and the Northern Peninsula is $1.67. Stove heating oil increased by ...
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. Other companies bought into ...
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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