It doesn’t mean that Bay du Nord is back on, but it does bode well according to an oil industry insider.

BP recently held its Capital Markets Day where it announced plans to boost oil exploration around the world including offshore Canada, which is Newfoundland.

They plan to drill 40 exploration wells over the next three years, a move which Rob Strong sees as encouraging. Equinor is the main stakeholder in the deep-water well off Newfoundland, but BP has a significant piece of that pie as well.

Bay du Nord was put on hold a couple of years ago for a period of “up- to three years.”

Strong interprets it as a positive sign as it seems that they wish to drill another well or two off Newfoundland.