An offshore oil rig support vessel leaves the harbour at St John's, Newfoundland
Energy NL upbeat on Newfoundland despite industry doubts
CEO argues the upstream potential remains huge as analysts question future oil production for Canadian province’s offshore industry
Pessimism is spreading among analysts and forecasting agencies about future crude oil production from Newfoundland and Labrador’s (NL) offshore, with even the Canada Energy Regulator (CER) providing a negative outlook in its most recent round of scenarios. NL oil production could increase to between 300,000b/d and 360,000b/d by 2030 based on CER’s three scenarios, compared with 210,000b/d last year (and a high of 368,000b/d in 2007), before going into terminal decline and collapsing to between a few thousand b/d and almost 50,000b/d by 2050. But the CER assumed the Bay du Nord project in the Flemish Pass Basin, led by Norway’s Equinor, would come into service by the end of this decade, when
Also in this section
19 March 2026
The regional crisis highlights the undervalued role of fixed pipelines in the age of tanker flexibility
18 March 2026
Rising LNG exports and AI-driven power demand have raised concerns that US gas prices could climb sharply, but analysts say abundant shale supply and continued productivity gains should keep Henry Hub within a range that preserves the competitiveness of US LNG
18 March 2026
Risks of shortages in oil products may cause world leaders to panic and make mistakes instead of letting the market do what it does best
17 March 2026
The crisis in the Middle East has put LNG’s ability to offer security and flexibility under uncomfortable scrutiny
