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

    Sep 12, 2022 · For Newfoundland and Labrador, oil is its major source of revenue and a perpetual thorn in its side. The province has ambitious plans to double offshore oil production by 2030, and is encouraging major oil companies to explore its offshore further in an attempt to attract multibillion-dollar investments.

  2. www.gov.nl.ca › fin › economicsOil Production Up 1.0% in April 2024 - Finance

    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).

  3. www.gov.nl.ca › fin › files2022 Economic Update - Government of Newfoundland and Labrador

    prices for fuel oil (70.3 per cent) and gasoline (34.9 per cent) were the largest, reflecting a 59.6 per cent increase in crude oil prices over the same period. Prices for essentials such as food (8.6 per cent) and shelter (5.8 per cent) also saw significant increases. For the year as a whole, inflation in the province is forecast

  4. www.cbc.ca › news › canadaN.L. posts unexpected $479M surplus on higher oil revenues ...

    • An Uncertain Future
    • Future Fund
    • An Improved — But Volatile — Situation

    Coady said the improved situation has resulted in all three of the provincial government's credit agencies moving their outlooks for Newfoundland and Labrador from negative to stable. 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. Total p...

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    Coady announced the provincial government will contribute $157 million to a fund it will eventually use to pay down debt. Last week, the provincial government announced details of legislation to create what it's calling a "future fund," where it plans to deposit a portion of oil royalties and revenues from the sale of assets over $5 million. Accord...

    See full list on cbc.ca

    Coady said the province is seeing "solid" signs of economic growth, but she pointed to rumbles of a global economic recession that could signal potential future difficulties. The provincial government previously hinted at the improved outlook when it announced one-time cheques for residents who earn $125,000 or less would be delivered this fall. Co...

    See full list on cbc.ca

  5. www.cbc.ca › news › canadaThis decade's oil boom is moving to offshore N.L. | CBC News

    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 ...

  6. www.pub.nl.ca › PP_petroleumproductsBoard of Commissioners of Public Utilities

    117.08. Excluding Applicable Taxes. Propane. Base Zone. 101.9. Excluding Applicable Taxes. Current Maximum Pricing: Motor Fuel - Heating Fuel. Maximum Pricing All Zones. 2022-23 Petroleum Products Pricing Review.

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  8. www.cbc.ca › nl-oil-prices-march-25/2022/1In 2nd surprise price increase of the week, diesel, furnace ...

    Mar 25, 2022 · The costs of some fuels in Newfoundland and Labrador are on the rise again on Friday as the Public Utilities Board changed prices for the third time this week as the global oil market continues to ...