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Final Decision on Bay Du Nord Set for Early 2027 as Estimated Oil Reserves Grow
Equinor says Bay du Nord could hold 500 million barrels as it weighs developing two of five discoveries.
- Equinor told investors on Thursday it will decide in early 2027 whether to proceed with the proposed Bay du Nord oil project off the coast of Newfoundland.
- The Norwegian energy company updated reserve estimates to 550 million barrels of recoverable oil, up from 430 million barrels and nearly double the initial 300 million barrel projection.
- Geir Tungesvik, an executive vice-president with Equinor, described Bay du Nord as a "basin opener" during Tuesday's Capital Markets Day presentation at the New York Stock Exchange.
- Torgrim Reitan, Equinor's chief financial officer, said the project is expected to deliver "very, very high" cash flow per barrel as the company develops two of its five discoveries.
- If approved, Bay du Nord would become Canada's first deepwater oil development, situated about 500 kilometres from shore and farther from land than any other oil project globally.
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Reports Indicate Sanctioning for Bay du Nord Slated for 2027
There are strong indications that Equinor’s massive Bay du Nord project in the Newfoundland offshore will be sanctioned next year. Industry news magazine Upstream is reporting that Equinor officials announced during its Capital Markets Day Presentation this week that Bay du Nord and Wisting in the Barents Sea off Norway will be sanctioned in 2027. According to Upstream, the executive vice president of projects, drilling and procurement with Equi…
Coverage Details
Total News Sources10
Leaning Left5Leaning Right0Center3Last UpdatedBias Distribution63% Left
Bias Distribution
- 63% of the sources lean Left
63% Left
L 63%
C 37%
Factuality
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