Courtesy of Equinor
The Bay Du Nord Offshore Project is critically important for Canadians amid a time when global oil demand continues to grow and the world is focussed on diversifying supply sources.
With an imminent "yes" or "no" decision by the federal Environment Minister on the project, we must highlight why Canada – and the world for that matter – needs the Bay du Nord to move forward.
Canada can either choose to be a supplier of choice with the continued responsible development of its oil resources, or we can let other global producers – often with weaker protections for human rights and the environment – fill in for us.
Ceding global energy market share to other producers doesn't keep oil in the ground, it doesn’t help the environment, nor does it create any economic benefit for Canadians. All this does is help other countries, who:
#1 – often do not have the transparency or reporting required to provide accurate data on environmental indicators such as greenhouse gas emissions volumes and intensities
#2 – control natural resource production and national media, where there is little to no governmental transparency
#3 - have little to no regard for worker protections or freedoms
By saying "no" to the Bay du Nord Offshore Project, you are essentially saying:
> "no" to Canadian families who need employment
> "no" to responsibly produced Canadian oil with a GHG emission intensity per barrel lower than the global average
> "no" to our greater contribution to broader energy security
Several proponents of Bay du Nord are shedding light on just how important the project is for Canadians and the global environment:
Courtesy of Equinor
Andrew Furey – Premier of Newfoundland and Labrador
"We have the product the world needs now more than ever before. Bay du Nord is a valuable project that will play a key role in helping our province meet global demand for responsible oil while reaching Net Zero by 2050."
Andrew Parsons – Energy Minister, Newfoundland & Labrador
"The Bay du Nord project will play a key role in helping the province meet global demand for responsible oil while supporting our commitment to net zero by 2050.
If approved, Bay du Nord will be the most carbon-efficient development of its scale in Canada and will apply industry-leading emissions technologies. The provincial government continues to work with Equinor and our federal partners."
Joanne Thompson – Member of Parliament, St. John's East
"I stand in solidarity with the Newfoundland and Labrador Liberal Caucus in support of the Bay du Nord Development Project.
Make no mistake, we cannot pollute for free, we must cap emissions, and we must meet our net zero goals. But as we drive towards these goals, we must also take a balanced and measured approach to protect the jobs and workers of today that are critical to our province's growth and will help us transition to a green economy."
Charlene Johnson – Chief Executive Officer, NOIA
"Our world requires low carbon energy to meet demand. The oil produced offshore Newfoundland & Labrador is below the global average for emission at extraction and is produced with world leading ESG standards."
Dwight Ball – Former Premier of Newfoundland and Labrador
"A secure natural energy supply is fundamental to grow our economy, GHG reduction has to be a part of the decision making.
Newfoundland and Labrador offshore is the best option for both of those concerns. Produce oil here at home, no need to import and add the risk of supply interruption."
Say "Yes" to Bay du Nord
Courtesy of Equinor
If you're not entirely convinced why Canada needs this project, here are several reasons showing you why we must say "YES" to Bay du Nord and the Canadian families who are desperately hoping it moves forward!
#1 – Bay du Nord Supports Canadian Families
Discovered in 2013 by operator Equinor, the Bay du Nord offers immense benefits for Canadians, including:
- 3 million-person hours, or 11,000 person-years of in-province employment for Newfoundlanders and Labradorians over the life of the project
- $3.5 billion in revenues to the government
- 5,000 metric tonnes of fabrication with a competitive bid framework for regional suppliers
- A minimum $75 million CAD over 10 years in research and development to position Newfoundland and Labrador as a globally-recognized deepwater centre of excellence
Saying "YES" to Bay du Nord is saying yes to supporting the people and governments of Newfoundland and Labrador with new economic opportunities.
#2 – Bay du Nord GHG Emission Intensities
Newfoundland and Labrador's offshore sector produces one of the lowest carbon-intensive barrels of oil in the world, at an average of around 8kg of CO2 equivalent. Furthermore, Carbon emissions in Canada's offshore oil and gas industry are estimated to be 30 per cent below the global average at extraction.
If the world is going to need oil for decades yet, why wouldn't we want it to come from the least GHG-intensive sources of supply possible?
Saying "YES" to Bay du Nord is a win for Canadians and the global environment.
#3 – Bay du Nord is the Responsible Choice
With growing global demand for oil, it is important to meet that need with the lowest carbon intensity resources available.
According to the International Energy Agency's (IEA) World Energy Outlook 2021, oil demand is projected to grow to 104.1 million barrels per day by 2026, then hover at around 104 million bpd through to the late 2030s.
Meanwhile, other trusted energy watchdogs like S&P Global Platts predict oil demand to peak at 115 million barrels per day by the late 2030s or early 2040s.
Bay du Nord's low-carbon barrels will help Canada maintain its position as a global energy supplier of choice for decades, while providing the necessary funds to invest into the coming energy transition. The project will also help solidify the energy security of Canada and its allies when state-owned enterprises – who are obtaining increasing market share of global oil and gas production – choose to turn off the taps.
Say "YES" to Bay du Nord, because it is the right choice for Canadians and our national energy security.
The World Needs More Canadian Energy
Of the world’s top 10 oil exporters, Canada ranks number one on the following Environmental, Social and Governance (ESG) indices:
- Global Cleantech Innovation Index 2021
- Democracy Index 2020
- Global Peace Index 2020
- Social Progress Index 2020
- Rule of Law Index 2020
- Corruptions Perception Index 2020
- Women, Peace, Security Index 2019/20
- Green Future Index 2021
- Global Press Freedom Index 2020
- Environmental Performance Index 2020
- Sustainable Development Index 2020
The evidence is clear: as long as oil is needed worldwide, responsible producers like Canada should be hired for the job.
Saying "YES" to the Bay du Nord project will secure a better and brighter future for Canadians while ensuring future global oil production is done under one of the most environmentally conscious regulatory regimes on the planet.
Join Us Today
We are still going to be using oil for a significant period of time, maximizing the value that Canada receives for our energy exports is the smart thing to do. #CdnEcon #CdnEnergy pic.twitter.com/Ul7ZYw3hyZ— Oil Sands Action (@OilsandsAction) March 3, 2022
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