The war in eastern Europe has heightened the need to develop the Bay du Nord oil field off Newfoundland according to Premier Andrew Furey.
Ottawa has extended the deadline for a decision on the deep-water project by 40 days, a decision which he calls disappointing but one which the federal minister must feel is necessary as he assesses all the complexities.
Premier Furey says Bay du Nord is an essential component of our “net zero” emissions target because of its low carbon content compared with other oil projects such as the oil sands in Alberta.
The war in Ukraine has only heightened its importance.
He says Europe imports about 25 per cent of its oil from Russia—40 per cent of it natural gas. He adds that we have the product from Canada that can help Europeans get off imports from Russia.