Local Economy, Oil Industry optimistic as Equinor signals intention to move forward with Bay du Nord Project

The oil and gas industry in Newfoundland and Labrador is hopeful about the revival of the stalled Bay du Nord project, as Equinor actively seeks cost-effective strategies to push forward. The Norwegian oil giant has issued a call for contractors to help design, build, and operate a floating production and storage vessel (FPSO) and handle extensive subsea infrastructure needs. This move marks a shift from Equinor’s previous plan to independently manage these operations. The project, which could significantly impact the local economy by boosting social programs and infrastructure through increased exploration activities, is seen as vital for the province. Despite earlier delays due to inflationary pressures and economic viability concerns, Equinor’s executives remain optimistic about the project’s future, signaling a possible reliance on third-party contractors to reduce costs and facilitate progress.

Full story at CBC