Canada’s offshore crude supply is highly unlikely to reach peak levels seen in 2007, when the ramp-up of the Husky Energy-operated White Rose project boosted average annual offshore production to about 370,000 b/d. Nevertheless, Hebron is set to contribute to a ~25% year-on-year offshore supply increase in 2018 and will stabilize mid-term production in the face of declining legacy assets such as Hibernia, Terra Nova, White Rose, and the Hibernia Southern Extension. According to Rystad Energy’s UCube, Hebron could account for about half of Canada’s offshore crude production by 2020.
–Thomas Liles, Analyst, Rystad Energy
