The Vice President of Equinor says his company is fully committed to the Bay du Nord project after its partner, bp, pulled out earlier this week – leaving the Norwegian company the sole owner.

The transaction was finalized this week.

Jim Beresford, Vice President of Equinor Canada, says with the sole ownership, he plans on turning his attention to the next funding decision for 2027.

“We are committed. We believe it’s a world-class project. It also allows us to move the project forward at the schedule that we know it needs to move forward on,” he told VOCM News.

“So the focus now is to kind of reach the FID or the funding decision in 2027. So work around the engineering, the procurement, the cost estimates and the regulatory process, which is why we’re here tonight, uh, is very much a part of it. So we’re looking forward (to) moving the project (ahead).”