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
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
19 November 2024
Energy minister says country is delaying first oil production until pipeline and refinery are ready
