Insight
From misery to muted optimism for Canada's offshore projects
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Terra Nova extension project, West White Rose and Bay du Nord saw several setbacks in 2020. Terra Nova appeared to be heading towards early decommissioning bwhile West White Rose construction was halted and Bay du Nord's sanctioning deferred. Those three key projects in the region still require corporate sanctioning or re-sanctioning but are looking more and more positive. This report provides succinct project updates and our view on the economic robustness at various sensitivities. Government support is making a big difference. For Terra Nova, extension project economics go from positive post-tax PV10 of Cdn$900 million to Cdn$627 million without federal and provincial support measures. Changing cost and price assumptions have the potential to move the project negative.
Table of contents
- Executive summary
- The hits came fast and hard in 2020
- Government support
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Project updates
- Terra Nova extension project
- Bay du Nord Cluster
- West White Rose
- Wider context and the role of low emissions
Tables and charts
This report includes the following images and tables:
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Newfoundland & Labrador production outlookPre-FID project capital expendituresNewfoundland & Labrador field map
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Terra Nova valuation waterfallBay du Nord Cluster possible production profileBay du Nord valuationsBay du Nord - company shareBay du Nord - government share
What's included
This report contains:
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