The Globe and Mail reports in its Saturday, Aug. 22, edition that three years after Equinor paused the Bay du Nord oil project off the east coast of Newfoundland, the development appears closer to becoming a reality.
The Globe s Emma Graney writes that a final investment decision is expected in early 2027.
Equinor has submitted a detailed development plan and is seeking suppliers for various services, including pipes, valves and catering. On July 6 Equinor announced it would acquire BP's 37-per-cent interest in Bay du Nord, becoming the sole proponent and gaining flexibility before the final investment decision.
Equinor chief executive officer Anders Opedal says the development may be closer to becoming a reality. The province hopes Equinor greenlights the $14-billion project to help drive more development in the as-yet-untapped Flemish Pass basin and spur investment in its broader offshore sector.
The first offshore field to begin production was Hibernia, which has been operated by Exxon Mobil since 1997. Terra Nova, operated by Suncor Energy, began production in 2002. White Rose, operated by Cenovus
Energy, started up in 2005. Lastly, there's Hebron, also operated by Exxon Mobil, where oil was first produced in 2017.
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