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Posted: April 2016
Oil Production Commentary, 2016
Next due: June 2016

Oil Production Down 20.5% in 2015

Crude oil production was 62.7 million barrels in 2015 down 20.5% from 78.9 million barrels in 2014 as Hibernia, Terra Nova and White Rose (including North Amethyst) all recorded lower production.

Hibernia produced 33.0 million barrels in 2015, a decrease of 21.6% (9.1 million barrels) in comparison to 2014.

Terra Nova produced 13.1 million barrels of oil in 2015, a decrease of 3.7 million barrels (22.1%) compared to 2014.

White Rose (including North Amethyst) produced 16.6 million barrels in 2015, down 16.8% (3.4 million barrels) in comparison to 2014.

The price of Brent crude oil averaged US$52.32/barrel in 2015, down 47% from an average of US$98.97/barrel in 2014.

The estimated value of oil production was $4.1 billion in 2015, a decrease of more than 50% compared to 2014, as a result of both lower volumes and lower crude prices.

The Department of Finance’s April 2016 forecast projects annual oil production to be 67.5 million barrels in 2016, up 7.7% over 2015 as increased production at Hibernia more than offsets lower production at Terra Nova and White Rose. Further information on the province's oil and gas industry is available in our publication The Economy 2016 (see Oil and Gas section).

Offshore Oil Production:
Newfoundland and Labrador

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 Research & Analysis Division, Department of Finance - (709) 729-3255 - infoera@gov.nl.ca

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