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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.
Plus or minus $1US in oil price would result in an increase or decrease of approximately $18.5 million in oil royalties. Plus or minus 1 cent in CAD to US exchange rate would result in a decrease or increase of approximately $8.5 million in royalties.
- Energy Production
- Energy Transportation and Trade
- Energy Consumption and Greenhouse Gas (GHG) Emissions
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Crude Oil
1. 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). 2. Newfoundland and Labrador is the largest producer of crude oil in eastern Canada, and is the third largest oil producing province in Canada, after Alberta and Saskatchewan. 3. Production occurs from four offshore developments: Hibernia, Terra Nova, White Rose and the White Rose Expansion Projects, and He...
Refined Petroleum Products
1. The North Atlantic Refineryin Come by Chance is the only refinery in the province. The refinery has been idle since March 2020 due to a rapid decline in demand for petroleum products caused by the COVID-19 pandemic. When operational, it had a capacity of 130 Mb/d. 2. In late 2021, American private equity firm Cresta Fund Management bought a controlling share in the facility, with plans to convert the refinery to produce renewable fuels. The facility, which has been renamed Braya Renewable...
Natural Gas/Natural Gas Liquids
1. In 2021, 433 million cubic feet per day (MMcf/d) of natural gas was producedat offshore Newfoundland crude oil facilities. It was used for power at the offshore facilities, reinjected into the ground to maintain reservoir pressure or increase oil, and a small amount was flared. 2. A small amount of NGLs are included with oil production, but there is no commercial production of NGLsin Newfoundland and Labrador. 3. Newfoundland and Labrador’s sales-quality natural gas resourceis estimated by...
Crude Oil and Liquids
1. There are no crude oil pipelines or crude-by-rail facilities in Newfoundland and Labrador. All offshore crude oil production is transported to refineries by ship. 2. Crude production is transported from the oil fields by shuttle tankers to the Newfoundland Transshipment Limited’s 3.3 million barrel capacity terminal located in Whiffen Head. The terminal received its first production from the Hibernia field in October 1998, from the Terra Nova field in February 2002, from the White Rose fie...
Natural Gas
1. There are no natural gas pipelines in Newfoundland and Labrador.
Liquefied Natural Gas
1. The LNG Newfoundland and Labradorexport project is in the early proposal stages. The project would involve building a central gas hub near the four oil-producing fields in the Jeanne d'Arc Basin and a 600 km subsea pipeline to Grassy Point in Placentia Bay. The company has registered the project in the Environmental Assessment process and is proceeding with an Environmental Impact Statement.
Total Energy Consumption
1. End-use demand in Newfoundland and Labrador was 180.6 petajoules (PJ) in 2019. The largest sector for energy demand was industrial at 43% of total demand, followed by transportation at 34%, residential at 15%, and commercial at 8% (Figure 4). Newfoundland and Labrador’s total energy demand was the ninth largest in Canada, and the fourth largest on a per capita basis. 2. Refined petroleum products were the largest fuel type consumed in Newfoundland and Labrador, accounting for 105 PJ, or 58...
Refined Petroleum Products
1. Newfoundland and Labrador’s motor gasoline demand in 2019 was 1 728 litres per capita, 36% above the national average of 1 268 litres per capita. 2. Newfoundland and Labrador’s diesel demand in 2019 was 1 199 litres per capita, 40% above the national average of 855 litres per capita. 3. Gasoline in Newfoundland and Labrador is primarily refined within the province at the North Atlantic Refinery. RPPs consumed in Newfoundland and Labrador are also supplied by the Irving Oil Refinery in New...
Natural Gas
1. None of the natural gas produced at offshore oil facilities is sold. The natural gas is used to power the offshore crude oil facilities, reinjected into the ground to maintain reservoir pressure, or flared.
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].
29.3% in the first three quarters of 2019. Prices On a year-over-year basis, the Consumer Price Index (CPI) was 0.9% higher in the first nine months of 2019 (see chart). Lower prices for fuel oil (down 3.8%) and gasoline (down 6.1%) moderated the overall increase in the CPI. Both fuel oil and gasoline have been impacted by
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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.
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Newfoundland and Labrador: 2020–21 Fiscal Update PANDEMIC, GLOBAL OIL PRICE SHOCK EXTEND RECOVERY SUMMARY • -COVID19 is expected to drive Newfoundland and Labrador’s fiscal year 2020–21 (FY21) deficit to a near-record $2.1 bn (and a record 7.3% of nominal GDP) (chart 1) according to a fiscal update released Friday.
