Insight

From misery to muted optimism for Canada's offshore projects

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24 June 2021

From misery to muted optimism for Canada's offshore projects

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
    • 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 8 images and tables including:

  • Newfoundland & Labrador production outlook
  • Pre-FID project capital expenditures
  • Newfoundland & Labrador field map
  • Terra Nova valuation waterfall
  • Bay du Nord Cluster possible production profile
  • Bay du Nord valuations
  • Bay du Nord - company share
  • Bay du Nord - government share

What's included

This report contains:

  • Document

    Newfoundland project updates.xlsx

    XLSX 182.70 KB

  • Document

    From misery to muted optimism for Canada's offshore projects

    PDF 2.23 MB