According to the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB), approximately 7.5 million barrels of oil were extracted from offshore Newfoundland and Labrador in December 2024, representing an increase of 18.0% compared to …

North Atlantic Oil Refinery. The North Atlantic Oil Refinery is located at the head of Placentia Bay. It has a rated crude production capacity of 115,000 barrels per day and storage capacity of more than seven million barrels of oil and finished fuels.

Few jurisdictions in North America can match the immense value of the province’s vast energy warehouse of oil, gas, hydro, wind and other energy sources. Three facilities are currently producing oil in the province’s offshore region at the Hibernia, White …

Current and Future Production Hibernia —Oil Reserves: 1.812 Bbbl —Gas Resources: 2.343 TCF —Operator: ExxonMobil —Water depth: 80 m HIBERNIA FIELD —Cumulative Production to December 31, 2022: 1.24 BBL —First Oil: November 1997 —Total Production to Jan 1-Dec 31, 2022: 27.34 Mbbl TERRA NOVA FIELD —Gas Resources: 0.064 TCF —Oil Reserves: 506 Mbbl

The extraction and processing of crude oil, minerals, fish and forest resources accounted for approximately 33 per cent of gross domestic product (GDP) in 2022. The geographic location of Newfoundland and Labrador has significantly influenced the development of its economy.

5 days ago · Oil Production Up 1.3% in November 2024. Population stood at 545,880 as of October 1, 2024. Business Sector Productivity in Newfoundland and Labrador 1997-2023. Population Projections for Newfoundland and Labrador 2024 to 2043. Updated with Consumer Price Index Data for 2023. Occupational Projections for Newfoundland and Labrador 2023 to …

The Hebron project, in the Jeanne d’Arc basin, has been estimated to contain 566 million barrels of oil. For estimates of recoverable oil and gas reserves and resources and production statistics please see the Canada-Newfoundland and Labrador Offshore Petroleum Board website.

At peak production, the project will produce approximately 75,000 barrels of oil per day in 2025. Husky Energy and its partners, Suncor Energy and Nalcor Energy, will use a fixed wellhead platform tied back to the SeaRose floating production, storage and offloading vessel.

Our government knows the potential of our undiscovered and undeveloped oil and gas reserves. We will leverage our globally competitive position and our highly competent and professional workforce to double production to over 650,000 barrels of oil per day by 2030.

The oil and gas industry, its workforce, and resource-rich economies like Newfoundland and Labrador must plan for what lies ahead. It will require a new lens – one that factors in the sudden emergence of disruptive technologies, climate change, the transition to a lower carbon economy, and a lower-for-longer oil price outlook.