Finance

Economic and Project Analysis

Posted: November 2018
Oil Production Commentary, September 2018
Next due: December 2018

Oil Production Down 2.9% in September

Oil production in September 2018 was 4.6 million barrels, down 2.9% (or about 138,000 barrels) relative to September 2017.

Hibernia produced 744,233 barrels of oil in September 2018, down 81.7% (or about 3.3 million barrels) in comparison to September 2017, as a result of a temporary shutdown in September of this year.

Terra Nova produced 961,226 barrels of oil in September 2018, up 254.5% (or about 690,000 barrels) relative to September 2017, because of constrained production last year resulting from planned maintenance work and infield drilling operations that began in the third quarter of 2017.

White Rose (including North Amethyst) produced 887,770 barrels of oil in September 2018, up 118.5% (or about 481,000 barrels) compared to September 2017, as a result of a scheduled shutdown of the SeaRose FPSO in September 2017 that negatively impacted production.

Hebron produced 2.0 million barrels of oil in September 2018.

On a year-to-date basis (January-September 2018), total oil production was 64.7 million barrels, up 8.2% (or about 4.9 million barrels) relative to the same period in 2017.

The Department of Finance’s October 2018 forecast projects annual oil production to be 84.7 million barrels in 2018, up 5.1% compared to 2017 as a full year of Hebron production is expected to offset declines at Hibernia and White Rose. Further information on the province’s oil and gas industry is available at The Economic Review 2018 (see Oil and Gas section).

Offshore Oil Production:
Newfoundland and Labrador

f: forecast

Statistical Reference: Statistics used in this analysis were current at the time of writing. For the latest in oil production statistics visit the Newfoundland & Labrador Statistics Agency site.


 
Economic and Project Analysis Division, Department of Finance - (709) 729-3255 - infoera@gov.nl.ca

 
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