Equinor to decide in early 2027 on Newfoundland’s Bay du Nord deepwater oil project

Norway’s Equinor said it will postpone a decision until early 2027 on whether to move ahead with the Bay du Nord deepwater oil project off Newfoundland. The company’s latest assessment puts recoverable reserves at 5.5亿 barrels, up 28% from the previous 4.3亿 barrels and close to double the initial estimate. Equinor has decided to develop two of five discoveries in the area. If it goes ahead, Bay du Nord would be Canada’s first deepwater oil development and would sit about 500 kilometres from shore, making it the world’s most remote offshore oil project from land.