Energy Minister Andrew Parsons says “active conversations” are underway regarding Bay du Nord, but he was unable to provide an update on the massive project when questioned by reporters during the budget lock-in yesterday.

Equinor paused Bay du Nord for up to three years back in 2023, citing a need to re-examine the project’s economics. Since then some significant changes have been made, as outlined by the company last summer.

Parsons says there have been plenty of discussions in the meantime and government’s position remains the same—that no project goes ahead without an agreeable benefits impact program for Newfoundland and Labrador.

That includes things like fabrication, and person hours. “I’m excited,” says Parsons. “I’d rather we have this conversation than not have it, which was always a possibility there. I think Equinor realizes the value of it, and so we both want to see something happen….they need to make something work for them, in terms of what their rate of return is internally, and we need to make sure when we deal with a resource that belongs to the province that it’s acceptable to the people, that we get the best value.”