An offshore oil rig support vessel leaves the harbour at St John's, Newfoundland
Energy NL upbeat on Newfoundland despite industry doubts
CEO argues the upstream potential remains huge as analysts question future oil production for Canadian province’s offshore industry
Pessimism is spreading among analysts and forecasting agencies about future crude oil production from Newfoundland and Labrador’s (NL) offshore, with even the Canada Energy Regulator (CER) providing a negative outlook in its most recent round of scenarios. NL oil production could increase to between 300,000b/d and 360,000b/d by 2030 based on CER’s three scenarios, compared with 210,000b/d last year (and a high of 368,000b/d in 2007), before going into terminal decline and collapsing to between a few thousand b/d and almost 50,000b/d by 2050. But the CER assumed the Bay du Nord project in the Flemish Pass Basin, led by Norway’s Equinor, would come into service by the end of this decade, when
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
