Equinor, the company behind the Bay du Nord project, says first oil could be achieved at the deep water offshore project by late 2028—now the serious work begins.
The Norwegian-based company calls the federal impact assessment an important planning tool as they move forward with the concept design for a potential Bay du Nord development project.
Ottawa gave the project the environmental green light earlier this month. The C-NLOPB says Equinor will now need to submit a Development Application including a benefits plan with supporting documents. The Benefits Plan is a prerequisite to approval of the Development Plan by both the federal and provincial ministers of Natural Resources.
Equinor says it will implement the measures outlined in the federal impact assessment, including consultation with Indigenous groups, and representatives of the fishing industry.
Equinor is working with partners BP and Cenovus, and a final investment decision is expected in the next couple of years.
(Map courtesy Equinor.)
There are suggestions that Bay du Nord could be the last offshore oil project approved in Newfoundland and Labrador.
Tim Powers says Environment Minister Steven Guilbeault suggested in a recent interview with Radio-Canada that the project could be the last for this province.
“Could” being the operative word says Powers. Guilbeault’s argument, says Powers, was that anyone can propose a project, but things could change dramatically in the next four to five years as legislation and world views on oil evolve.
