There are strong indications that Equinor’s massive Bay du Nord project in the Newfoundland offshore will be sanctioned next year.
Industry news magazine Upstream is reporting that Equinor officials announced during its Capital Markets Day Presentation this week that Bay du Nord and Wisting in the Barents Sea off Norway will be sanctioned in 2027.
According to Upstream, the executive vice president of projects, drilling and procurement with Equinor has described Bay du Nord as a “basin opener,” with 550 billion barrels in recoverable reserves, up from original estimates of 400 billion barrels.
A benefits agreement between the provincial government and Equinor was reached earlier this year.
That agreement includes a commitment to fabricate a minimum of 95 per cent of all subsea work in this province, and includes funding to build a drydock at Bull Arm.
