Feds Approval of Bay du Nord Offshore Oil a Big Step Forward for Maritimes & Canada

Feds Approval of Bay du Nord Offshore Oil a Big Step Forward for Maritimes & Canada

CALGARY, AB, April 8, 2022 /CNW/ - The green-lighting by the Government of Canada of a key East Coast energy project is being applauded today by a Canadian pro-natural resource community coalition.

Canada Action founder Cody Battershill was reacting to the fact Canadian Environment Minister Steven Guilbeault formally approved on Wednesday the Bay du Nord offshore oil project, providing a positive shot in the arm for Newfoundland and Labrador, and for the region's workers, families and communities.

"Equinor, the Bay du Nord proponent, has said the project will produce the lowest carbon oil in the country, as much as 30% lower than the global average.  It's another great example of climate mitigation and continual environmental innovation and improvement, and those are things every Canadian should be proud of," Battershill said.

"Any energy conversation must take into account environmental sustainability, certainly, but also energy security, accessibility, and affordability.  Recent world events make this undeniable. This project delivers on every front."

"Our natural resources industries are playing a huge part in providing the world with abundant products such as oil and gas produced to the highest environmental, social and governance standards. The world requires energy, we have the track record to produce it properly, and we're ready to help meet society's growing energy demand," Battershill added.

The Norwegian-based Equinor, formerly Statoil, and its partners plan to develop the zone at the Flemish Pass, about 500 kilometres east of St. John's. The fifth offshore oil field in Newfoundland and Labrador to move into production since Hibernia began producing in November in 1997, Bay du Nord could start up as soon as 2028, pending a final investment decision by the company.

"We know projects of this size can be a huge economic driver for Newfoundland and Labrador, and for other regions across the country that are able to offer their skills, technology, goods and services in the construction and operations of the project," Battershill said.

The company says the project would pump about 300 million barrels of oil, generate $3.5 billion in estimated government revenues, and create 11,000 person-years of in-province employment. As proposed, Bay du Nord would run for about 30 years, with the potential for additional wells and tie-backs to the production facility.

Canada Action is a non-partisan, national coalition that advocates for the responsible development of Canada's various natural resources, for the industries that move that development forward, and for the workers, families and communities the sector supports.

SOURCE Canada Action Coalition

For further information: Cody Battershill, (403) 370-4008, [email protected]; Or visit our web site: Canada Action.ca