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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.
Mar 11, 2020 · 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].
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.
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 ).
Apr 8, 2020 · In 2019, Canadian crude oil was exported from Newfoundland and Labrador and Alberta to international locations, such as the United Kingdom (27 113 b/d), the Netherlands (26 839 b/d), Italy (15 611 b/d), China (9 660 b/d), and four other international locations.
Mar 9, 2021 · Crude oil prices reached historic lows in 2020, because of a combination of geopolitical issues and the collapse of demand during the pandemic. The monthly average crude oil and crude bitumen price index was one-third ( -3 3.7%) lower in 2020 compared with 2019.
benchmark for Newfoundland and Labrador oil, will be $34.14/barrel in 2020 and $47.81/barrel in 2021 which is significantly lower than its price of $64.37 in 2019 (U.S. Energy Information Administration, 2020b).
