After several delays and pressure from environmental groups, finally Canada Approved offshore development for Norwegian Equinorwhich will require investments for $12 billion. It’s about the project Bye Do Nor It is located about 500 kilometers from the coast of Newfoundland.
In detail, to move forward the development, the FPSO ship will be used that will allow drilling and storage of hydrocarbons and will have Production capacity of 200 thousand barrels of oil per day.
According to Equinor, an oil field Bye Do Nor It has discretionary reserves 300 million barrels of light oil. Other studies claim that the extractable oil is two to three times higher.
Following the announcement, the Canadian Association of Petroleum Producers (CAPP) expressed its support for the official decision.
“Ensuring that there is a clear, fair and transparent process for approval of natural resource projects in Canada is critical to building confidence in the Canadian investment climate. The Bay du Nord is an environmentally sound project that will provide safe and responsibly developed energy,” said Paul Barnes, Director of CAPP.
based on 300 million barrels, Equinor claimed that the project would generate C$3.5 billion in government revenue.s and it will create thousands of jobs in Newfoundland. The project is expected to start production around 2028.
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