An offshore oil project which is back on the table after sitting idle for almost three years got some attention during the Prime Minister’s visit to Scandinavia on the weekend.

Equinor, a firm owned by the Norwegian government, is the lead on Bay du Nord while BP is a partner.

The Government of Newfoundland and Labrador and the companies signed a benefits agreement to kickstart the project, which is scheduled to produce first oil by 2031.

The war in the Persian Gulf and the closure of the Strait of Hormuz has turned the world upside down with prices for oil and related products skyrocketing.

Countries which have reserves have been asked to release some of those reserves to the global market. Canada does not have a reserve supply as it is an oil producing nation.

He calls Bay du Nord a very attractive project which will provide additional supplies, not in the short term but in the medium term.

The provincial government and the oil and gas industry is hoping that Bay du Nord makes it to Carney’s “major projects list.”