The Oil Drum

258 comments on DrumBeat: April 4, 2008

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Darwinian on April 4, 2008 - 8:10am

Newfoundland and Labrador Oil Production Dropping

After topping Canada's growth chart last year, Newfoundland and Labrador is projected to rank last in 2008 due to an expected 15 per cent decline in production volumes at the province's three oil producing fields, according to the latest economic forecast released today by RBC.

A 15 percent drop in one year, that’s a bunch! That should offset any gain from the oil sands, and then some.

Ron Patterson

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PaulusP on April 4, 2008 - 8:33am

From your link: "Ontario's weak trade sector will see the province teeter on the brink of recession through 2008, but it should pick-up in 2009 to coincide with a recovering U.S. economy."

One wonders where this recovery is going to come from.

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KansasCrude on April 4, 2008 - 4:23pm

Hey Ron starting to wonder what those tarsands increases will be Suncor one of the the two largest producers continues to underperform and is not even keeping up with last years rate. I realize February was brutal weather wise for them but they continue to overpromise and under deliver on the bpd. They are going to have to put the pedal to the metal in order to hit there target since in Q1 they averaged over 25,000 bpd less than the average they forecast.

Suncor Energy reports oil sands production numbers for March 2008

Calgary, Alberta (April 3, 2008) – Suncor Energy Inc. reported today that production at its oil sands facility during March averaged approximately 248,000 barrels per day (bpd). Year-to-date oil sands production at the end of March averaged approximately 247,000 bpd. Suncor is targeting average oil sands production of 275,000 to 300,000 bpd in 2008.

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Gail the Actuary on April 4, 2008 - 10:53pm

Oil megaprojects data shows 266,000 barrels of new production coming on line in 2007 and 608,000 in new production in 2008 for various companies producing tar sands in Canada. Production is not supposed to peak at these levels for several years, but If these projects are going according to plan, one might expect some increases. One of these projects is a Suncor project that is supposed to begin operation in 2008, and is supposed to add 140,000 barrels a day of production by 2010.

Until I see actual production, I remain skeptical.