Move is a first step an oil company takes before a decision on project sanctioning, industry consultant says
Bay du Nord offshore oil project development concept. - Equinor CanadaST. JOHN'S, N.L. — Equinor Canada has issued a notice to contractors to submit an expression of interest for work involving its Bay du Nord project off Newfoundland and Labrador.
The Bay du Nord offshore development project was released from the Government of Canada’s environmental assessment process in April 2022. “It’s a very positive sign that the project is continuing to move despite the fact it hasn’t been sanctioned,” he said. The provincial government has stated that, including discoveries made in 2020, the total project capital cost for the Bay du Nord development is approximately $16 billion and it is estimated that the development will generate in excess of 16,000 person-years of life-of-field employment in Newfoundland and Labrador and contribute more than $10 billion in royalty and corporate tax income to the province and Canada.
“This includes, but is not limited to: construction of process and utilities; modules; mating of constructed modules; commissioning and startup; tow-out of the FPSO; and a community benefits agreement.”
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