Canada Approves $12 Billion Bay Du Nord Offshore Oil Project

Equinor got approval from the Canadian government to start a $12 billion offshore project off the coast of Newfoundland and Labrador, despite opposition from environmental groups.

Nia Williams and Ismail Shakil, Reuters

The Canadian government on April 6 approved a $12 billion offshore oil project proposed by Norway's Equinor ASA after an environmental assessment concluded it would not cause significant adverse effects.

The Bay du Nord project would involve building a floating platform to drill an estimated resource of 300 MMbbl of light crude oil in the Atlantic Ocean, about 500 km (310 miles) off the coast of Canada's Newfoundland and Labrador province.

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