Deepwater Production: The New Frontier for NL Oil and Gas Industry
Today we enter a new frontier in our oil and gas industry. Premier Ball, joined by Siobhan Coady, Minister of Natural Resources, Unni Fjaer, Vice President, Offshore Newfoundland, Equinor Canada, and Trevor Pritchard, Senior Vice President, Atlantic Region, Husky Energy, announced a framework agreement to develop the Bay du Nord project.
Economic ActivityThis project is expected to generate more than $14 billion in economic activity with first oil expected in 2025. A one-of-a-kind development, this deepwater project will operate in depths of 1,200 meters and be located approximately 500 KM from shore. This announcement made by your Liberal government shows a continued commitment to expanding our successful oil and gas industry and to provide good jobs and create environmentally sustainable economic activity for the people of Newfoundland and Labrador.
Deepwater Oil and Gas ProductionThis project will be the first attempt at deepwater production for the Newfoundland and Labrador oil and gas industry. Equinor and Husky will invest no less than $75 million into research and development, and education and training expenditures over ten years. This investment is intended to position Newfoundland and Labrador as a deepwater centre of excellence and build on Advance 2030 to keep the province as a preferred location for oil and gas development.
Project Summary Video
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Our @PremierofNL @DwightBallMHA announces new frontier for our oil and gas industry! A new development between @GovNL and @Equinor #jobs #economy @NR_GovNL Another historic moment for our province, pleased to join my colleagues @GovCaucus_NL for the great news! pic.twitter.com/RvnlVqnb5h
— Chris Mitchelmore (@MitchelmoreMHA) July 26, 2018
.@GovNL is pleased to announce a framework agreement has been reached with @Equinor_NA on the Bay du Nord Project & the opening of a new basin – The Flemish Pass. #Advance2030 #TheWayForward pic.twitter.com/8MgPeils1Z
— Premier of NL (@PremierofNL) July 26, 2018
My statement on the recent announcement by the Province on the Bay du Nord project. pic.twitter.com/I1jZByab8i
— Seamus O'Regan (@SeamusORegan) July 26, 2018
— Natural Resources (@NR_GovNL) July 26, 2018
Right now all oil and gas projects are in one basin. This expands production to a second area. Much deeper and much further from St. John’s #nlpoli
— Peter Cowan (@PeterCBC) July 26, 2018
Province announces major new Oil&Gas project with Equinor. FPSO based – Bay du Nord Framework Agreement.
A new basin in deep water 500 Kms from shore in about 1200 meters of water depth – Gov't calls this a 'Legacy Project' with first oil in 2025@NTVNewsNL pic.twitter.com/8VsjBGSxTN
— Jodi Cooke (@Jodicookeskis) July 26, 2018
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