Deepwater Production: The New Frontier for NL Oil and Gas Industry

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 Activity

oil

In addition, more than $14 billion in economic activity is expected over the life of the project.

This 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 Production

oil

500 kilometers from shore and in depths of 1,200 meters.

This 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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Advance 2030 Document

Bay du Nord project