Offshore Newfoundland, a particularly hostile operating environment (“North Sea plus icebergs“), continues to be the only producing area in the North American Atlantic, a distinction that is unlikely to change for at least the next decade.
Production is holding firm and there was a nice bounce in December when 7.5 million barrels were produced (242,000 bopd ave.). December’s production was the highest since May 2022 and and was a respectable 57% of the May 2007 peak.
Most impressively, according to CNLOPB data, no fatalities or significant injuries occurred over the past 3 years.
The pioneering Hibernia platform (pictured above), where Newfoundland offshore production began in Nov. 1997, keeps chugging along at 60 to 80,000 bopd. The Hibernia field has produced more than double the original resource estimate of 520 million barrels. Very impressive!
Hebron, the current top producer, continues to produce 100,000+ bopd
The Terra Nova field contributed ~40,000 bopd in Dec., the highest output since production resumed in late 2023 after extensive downtime to refurbish the FPSO.
Production remained offline at the White Rose project, which was shutdown at the end of 2023 for refurbishment of the SeaRose FPSO. Production is expected to resume during the first quarter of this year.
Newfoundland production data:
Bud's Offshore Energy (BOE) 