The next decade could be positive for NL oil production
NL offshore has potential for new heights
Commercial oil discoveries off Newfoundland and Labrador could see three or four new fields coming online in the next ten years
The Newfoundland and Labrador (NL) offshore oil industry is again picking up speed after grinding to a near halt when the coronavirus pandemic hammered energy demand and prices in the first half of 2020. And assuming there are commercial discoveries during the latest rebound in exploration activity, the next decade could be positive for NL oil production, even with the Canadian government continuing to turn the environmental screws. “The first ray of sunshine was last September, when [Canada’s] Suncor formed a new ownership group and approved a plan to extend the life of Terra Nova by ten years,” Paul Barnes, director of Atlantic Canada and Arctic for the Canadian Association of Petroleum Pr
Also in this section
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
1 December 2025
The North African producer’s first bidding round in almost two decades is an important milestone but the recent extension suggests a degree of trepidation
