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Posted: Thursday, March 27, 2014
Oil Production Commentary, January 2014
Next due: April 7, 2014

Oil Production Up 3.8% in January

Oil production in January 2014 was 7.1 million barrels, up 3.8% (+260,000 barrels) relative to January 2013.

Hibernia produced 3.5 million barrels of oil in January 2014, down 18.6% (-797,000 barrels) over January 2013. The decline was due to a leak with the offshore loading system, weather delays, and inspection and repairs which required a shut in of production.

Terra Nova produced 1.6 million barrels in January 2014, up 161% (1.0 million barrels) from 629,000 barrels in January 2013. The low volume in January of last year occurred as production was still ramping up after a 183 day off-station maintenance program which ended in December 2012.

White Rose (including North Amethyst) produced 1.9 million barrels of oil in January 2014, up 2.3% (+43,500 barrels) relative to January 2013

The Department of Finance’s March 2014 forecast projects annual oil production to be 85.1 million barrels in 2014, up 1.8% over 2013 mainly due to increased production at Terra Nova which will be partially offset by natural declines at Hibernia. The expected increase in Terra Nova production in 2014 is due to a return to more normal levels of production after an extended maintenance shutdown in the fall of 2013. Further information on the province’s oil and gas industry is available at The Economy 2014 (see Oil and Gas section).

Offshore Oil Production:
Newfoundland and Labrador

Source: Canada-Newfoundland and Labrador Offshore Petroleum Board
Note: Hibernia production began in November 1997. Total production in 1997 was 1.3 million barrels.

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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