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Posted: Wednesday, July 23, 2014
Oil Production Commentary, May 2014
Next due: August 15, 2014

Oil Production Down 8.0% in May

Oil production in May 2014 was 7.2 million barrels, down 8.0% (-627,000 barrels) relative to May 2013.

Hibernia produced 4.2 million barrels of oil in May 2014, down 7.8% (-359,000 barrels) in comparison to May 2013.

Terra Nova produced 1.2 million barrels in May 2014, down 20.8% (-312,000 barrels) relative to May 2013.

White Rose (including North Amethyst) produced 1.8 million barrels of oil in May 2014, up 2.5% (+44,000 barrels) over May 2014.

In comparison to the previous twelve month average production level, total production from all three projects combined was up 4.6% in May 2014.

On a year-to-date basis (January-May 2014), total oil production was 34.7 million barrels, down 3.4% (-1.2 million barrels) in comparison to the same period in 2013 as a result of lower Hibernia production.

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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