Though much smaller in scope than the oil-and-gas producing behemoth of Western Canada, oil production from the offshore of Canada’s easternmost province of Newfoundland and Labrador already has decades of experience behind it. With five offshore fields producing a little under 230 Mb/d as of early 2023, the region’s slow decline is likely to continue unless existing fields undertake additional development work or new fields are discovered. Building on the province’s commitment to double output by the end of this decade, it has worked with various offshore operators to enhance its royalty regime for two existing sites that will generate increased production in the next few years. In addition, one major discovery has the real potential to meet the pledge of doubling output by the early 2030s. In today’s RBN blog we consider the history of the region’s offshore oil production and future plans to increase output.
I Am a Rock – Building Toward Another Revival of Canada’s East Coast Oil Production
