A top official with Equinor is optimistic about the future of the Bay du Nord project as timelines for a final investment decision draw near.

It was during the Energy NL conference in 2023 that the air was sucked out of the room when Equinor announced the project was being put on hold for up to three years.

Three years later and the tone at the conference is much more optimistic – on the heels of a benefits agreement reached with Equinor and BP in March.

Equinor Canada VP Jim Beresford says “The project is progressing how (they) wanted it to,” but there is “still a lot to do before a final investment decision.”

He says making a final investment decision next year and producing first oil by 2031 is an “ambitious timeline,” which means that work “must progress with focus.”

He says timing, predictability, and clarity all matter because such a large project needs stability to make complex decisions.