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
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
