Newfoundland sees 7.7% growth in oil output

摘要

St. John’s, Newfoundland and Labrador-Total crude oil output in Newfoundland and Labrador is forecast to grow by 7.7% in 2016 to 68 million barrels (186,302 b/d), compared with 62.76 million barrels (171,956 b/d) last year, the province’s premier, Dwight Ball, said Tuesday. The growth is based on a Brent price assumption of $40/b for the remainder of 2016 and could likely change if prices were to rise later in the year, he told reporters on the sidelines of the annual Newfoundland and Labrador Oil & Gas Industries Association Conference in St. John’s. “These are challenging times for Newfoundland, as it is for other jurisdictions,” he said while addressing the event.