Canada Approves $12 Billion Bay Du Nord Offshore Oil Project

The Canadian government on Wednesday 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.