Equinor says significant progress has been made in reshaping the Bay du Nord project with a focus on costs and inflationary impacts.
The company shocked the local oil and gas sector when it announced in May of 2023 that it was putting the massive deep-sea project on pause for up to three years.
Tore Løseth, Equinor’s manager of Canadian operations. (VOCM News)
Equinor went back to the drawing board to find efficiencies. In November, Equinor Canada’s Tore Løseth indicated that the company was still committed to Bay du Nord, saying the project was essential to fund their transition to the development of renewables.
Since then, U.S. President Donald Trump has cast uncertainty over the future of Canadian oil production with his vow to place 25 per cent tariffs on Canadian products. Equinor says Bay du Nord’s business case remains challenging, but a lot of important work is now underway.
In the meantime, Equinor is closely monitoring developments in the United States, but is unable to comment further on that situation at this time.
