Equinor has provided an update on its plans for the Bay du Nord offshore oil project.

But there’s still a lot of uncertainty over the future of the venture.

It was one year ago that Equinor broke the news that the project would be postponed for up to three years amid significant cost increases, with the company working to find ways to make the project work.

Canadian operations manager Tore Løseth admits Bay du Nord continues to be a “challenge” as they work against market conditions and inflation.

He says that means they have to make changes to improve the return on investment.

“And that is exactly what we are doing.” said Løseth, noting their motto for the project now is to “leave no stone unturned.”

Løseth remains optimistic, but also realistic.

“Yes, we do have a steep climb ahead of us, and there is no guarantee that this project will succeed,” he said. “We are on track with the three years but we don’t have concrete dates to offer right now. If we can do it sooner, we’ll do it sooner, but we know it will take some time.”