Bay du Nord’s Potential Surges to more than a billion barrels 

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) has revised its estimates for the Cambriol discovery within the Flemish Basin, now assessing it to contain 340 million barrels of oil. This update could significantly boost the total recoverable oil for the Bay du Nord project, which has been delayed up to three years due to economic and market challenges. This new figure brings the combined potential oil from Bay du Nord, including the 2020 discoveries of Cappahayden and Cambriol, to over one billion barrels. Meanwhile, Equinor is exploring various cost-cutting measures, including potentially outsourcing the operation of a floating production, storage, and offloading vessel, to ensure the project’s success. The C-NLOPB has also granted Equinor a significant discovery license, further solidifying its rights to develop these resources.

Full story at CBC