From misery to muted optimism for Canada's offshore projects Report

Insight 24 June 2021

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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.

Executive summary
The hits came fast and hard in 2020
Government support
Project updates
- Terra Nova extension project
- Bay du Nord Cluster
- West White Rose
Wider context and the role of low emissions