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Let's Talk About Newfoundland & Labrador

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Let's Talk About Newfoundland & Labrador LET’S TALK ABOUT NEWFOUNDLAND & LABRADOR It may at first seem counter-intuitive that Newfoundland and Labrador is a relevant comparator to Alberta. The oil produced from our two jurisdictions is delivered to very different markets and we do not compete against each other for market share. However, Newfoundland and Labrador’s offshore oil projects are multi-billion dollar investments and take years to bring on to production, similar to Alberta’s oil sands. Many of the same companies that invest in Alberta’s oil sands are also involved in Newfoundland and Labrador’s offshore oil projects. These factors make Newfoundland and Labrador a relevant competitor to Alberta in terms of attracting investment. Geology and Geography Newfoundland and Labrador has both onshore and offshore oil and gas reserves. Though several companies hold exploration permits and leases, there is no commercial oil or natural gas production onshore in the province. Newfoundland and Labrador’s significant offshore oil deposits and production are what make the province a relevant comparator to Alberta’s oil sands. Newfoundland and Labrador first began producing oil in 1997 from the Hibernia Field. In 2014, Newfoundland and Labrador produced 215,000 barrels of oil per day from 73 wells in three oil fields – Hibernia, Terra Nova and White Rose. A fourth field, Hebron, is currently under development and is expected to begin production in 2017, producing an approximate 150,000 barrels per day. The province has seen significant exploration activity in recent years. Today, Newfoundland and Labrador is Canada’s third-largest producer of crude oil, making up about 7% of Canada’s total production (and 23% of Canada’s total light crude oil production). Newfoundland and Labrador’s remaining established reserves are approximately 2.2 billion barrels of oil and 12.5 trillion cubic feet of natural gas. Geoscience data indicates a further 6 billion barrels of oil and 60 trillion cubic feet of natural gas remain undiscovered. Since all of Newfoundland and Labrador’s oil is produced offshore, it has immediate coastal access, enabling Newfoundland and Labrador to easily transport its oil around the world and receive the highest price available. Alberta, meanwhile, is landlocked. It is thus more challenging and costlier to move our oil to tidewater and we are essentially limited to selling our product to a single customer. Tidewater access is not the only factor that is influencing the higher price that Newfoundland and Labrador receives for its oil. The majority of oil that Alberta produces is bitumen and heavy crudes, while Newfoundland and Labrador’s oil is typically a lighter crude. Alberta receives lower prices because of our products are of lower quality and are lower valued. Newfoundland and Labrador typically receives Brent prices, which are much higher than the bitumen netback price that much of Alberta’s oil receives today. Structure of the Industry Newfoundland and Labrador has a stable democracy, the rule of law, and an open market economy. However, as only one province in a larger country, Newfoundland and Labrador (like Alberta) does not have exclusive authority over all things that impact energy development. For example, offshore oil development is jointly regulated by the federal and provincial governments through the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB), which was established by the Atlantic Accord in 1986. Also similar to Alberta, the oil and gas industry in Newfoundland and Labrador is comprised of private companies undertaking the actual exploration, production and sale of the resources. (The government is not directly involved in developing the resources through any kind of state-controlled energy company.1) Many of the same companies that operate in Alberta also operate in Newfoundland and Labrador. The C-NLOPB manages the rights issuance process on behalf of the Government of Canada and the Government of Newfoundland and Labrador. C-NLOPB leases mineral rights to private companies for exploration and potential leasing through an auction-style system. A company must submit a cash bonus bid and a work expenditure bid (in terms of exploration expenditure commitments over a six-year period), and the highest bid is awarded the exploration rights for a specific parcel of “land”. Depending on the results of exploration activity, the C-NLOPB could issue further rights in the form of significant discovery licenses or production licenses. Newfoundland and Labrador’s exploration and licensing process is somewhat different than Alberta’s system, but the general approach in holding a public auction is the same. Newfoundland and Labrador has a 115,000 barrel per day oil refinery. There is also a 3 million barrel transshipment terminal that services the offshore petroleum industry. The province is able to take advantage of its strategic position on international shipping lanes to give it unique access to global petroleum markets. Like Alberta, most crude oil produced in Newfoundland and Labrador is exported. Fiscal Framework Newfoundland and Labrador has offshore royalty regulations in place, however, these are supplemented by specific royalty agreements with the operators of each existing offshore oil development. For all offshore petroleum projects, benefits agreements are negotiated with project operators and provide the province with royalties, as well as employment commitments and targets, and industrial benefits. As recent as November 2015, the Government of Newfoundland and Labrador announced a generic royalty regime for all new offshore projects. By avoiding the negotiation of separate royalty regimes and benefit agreements on a per-project basis, the government expects its generic regime will simplify the system and make the province more competitive in attracting investment. Under Newfoundland and Labrador’s new generic royalty regime, a basic royalty will apply to gross revenue when a project starts producing oil, increasing from 1% to 7.5% as the project recovers its costs. Once costs have been recovered, an additional net royalty will be applied to net revenue, ranging from 10% to 50%, with the basic royalty being credited against net royalties. This new framework is somewhat similar to Alberta’s existing oil sands royalty regime, which has a price-sensitive rate between 1% and 9% up to payout, and then a price-sensitive rate from 25% to 40% of net revenue. There are also several differences between the two regimes. For example, Newfoundland’s royalty regime does not include return allowances on project costs (i.e., a return on investment to cover risk). On the other hand, oil sands projects receive a return allowance, which is calculated using Canada’s long-term bond rate. Another difference is how price sensitivity is built into both regimes. Newfoundland’s generic royalty rate constantly increases based on cumulative gross revenue, less transportation costs (termed the R-factor in their system). This means that Newfoundland’s royalty rates are constantly increasing, but this increase may occur more quickly or slowly with price changes. By comparison, in Alberta, oil sands royalty rates are on a sliding scale directly tied to the price of oil, which means that they can go up or down with corresponding changes in price. Newfoundland and Labrador assesses a provincial corporate income tax of 14%. Companies in Newfoundland and Labrador also must pay 15% federal corporate income tax. (Companies in Alberta are subject to a 12% provincial corporate income tax and the 15% federal corporate income tax.) Sources: Alberta Energy; Newfoundland and Labrador Department of Natural Resources; Canada- Newfoundland and Labrador Offshore Petroleum Board; Canadian Association of Petroleum Producers 1. The exception is the Canada Hibernia Holding Corporation, which is a wholly owned subsidiary of Canada Development Investment Corporation, a federal crown corporation. Canada Hibernia Holding Corporation was established in March 1993 for the sole purpose of holding, managing, administering and operating the Government of Canada’s 8.5% working interest in the Hibernia offshore oil project. This interest was acquired by the Government of Canada as a consequence of Gulf Canada withdrawing from the Hibernia project. Construction of the field facilities was completed in 1997 and first oil from the Hibernia field occurred in November of that year. .
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