Search results
People also ask
What happened to oil prices in Newfoundland & Labrador?
Why is Newfoundland investing so much in offshore oil?
How much oil did Newfoundland & Labrador produce in March 2024?
Will Newfoundland and Labrador double offshore oil production by 2030?
Sep 1, 2022 · Global offshore investment should rise 27 per cent from 2021 levels to $173 billion in 2024, reversing a decade of decline and growing slightly faster than onshore investment, Rystad estimates.
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.
May 29, 2023 · Projects threatened by the pandemic are back online. Construction and exploration work is accelerating. But with experts — and even oil companies — projecting global demand for oil will begin...
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.
Sep 12, 2022 · As COVID-19 was spreading, an oil price war between Saudi Arabia and Russia hit Newfoundland and Labrador hard. The price of oil plummeted, creating a crisis for Canada’s easternmost province, which is heavily reliant on oil revenue to pay for services for its population of about 520,000.
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.
Oil Production Up 1.0% in April 2024. 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.
