Equinor signals restart of Bay du Nord project in Canada

Canada

ST. JOHN'S, January 22, 2024 – Equinor has sent enquiries related to the restart of its stalled Bay du Nord oil project offshore Canada’s Atlantic coast, Upstream Online reported on Monday.

The company plans to develop several oil discoveries made since 2013 via an FPSO, with a production target of 200,000 bopd.

In May 2023, Equinor and its partner in the development, BP, announced the project was being postponed for up to three years, citing “changing market conditions and subsequent high-cost inflation.”

The Bay du Nord discovery lies 500 kilometres northeast of the Newfoundland and Labrador capital of St. John’s in water depths of around 1,170 metres.

Nearby discoveries were made in 2014, 2016 and 2020 in the adjacent EL1156 (Cappahayden and Cambriol) licence at depths of 650 metres. Equinor expects to develop these discoveries as tie-ins to the Bay du Nord FPSO.

The company has given no official update on the project restart.