Premier Andrew Furey is pointing to all the positives associated with confirmation of two new oil discoveries, despite the uncertainty surrounding if and when production will proceed.

Yesterday, Equinor announced the success of its summer drilling program in the Flemish Pass Basin related to its Bay du Nord project.

But they also tempered the announcement by saying it’s too early to assess the impact it could have, given the pandemic and continued market volatility.

Nonetheless, Furey said the positives of the announcement cannot be ignored. He says any time a company announces such a discovery, it bodes well for their intention to pursue the development of it.

Equinor has also announced it is closing its Calgary office and consolidating with its current office in St. John’s.