The C-NLOPB has issued a Significant Discovery Licence (1060) to Equinor for the Cambriol G-92 discovery in the Newfoundland offshore.
The regulator has also updated the estimated recoverable oil from the discovery at 340 million barrels, but what that means while Equinor continues efforts to optimize the project, remains to be seen.
Equinor says it’s internal assessment of the potentially economically and technically recoverable resources at the Cabriol discovery continues.
(Image via Equinor. Illustration of the floating production storage and offloading (FPSO) unit)
Equinor estimates that recoverable reserves from the Bay du Nord development project is more than 500 million barrels. That includes the Bay du Nord discovery and the Cappahayden and Cambriol discoveries.
However, Equinor points out that potential or possible recoverable resources differ from what is considered to be economically and technically recoverable.
Equinor says Bay du Nord remains an important project for them and partner bp. The company’s optimization process continues and is expected to take time as they gain a better understanding of where improvements can be made. Equinor says it remains “positive about the possibilities ahead”, even if the project looks different.
C-NLOPB Issues Significant Discovery Licence to Equinor Canada Ltd. and Announces Volume Estimate for the Cambriol G-92 Discovery https://t.co/OtNAgs57MT pic.twitter.com/bu8gUdj7f5
— C-NLOPB (@CNLOPB) February 2, 2024
