Bay du Nord: Approved By The Federal Government

The Federal Government approved the Bay du Nord oil project off the coast of Newfoundland and Labrador.

The statement was announced by Environment Minister Steven Guilbeault on Wednesday after a four-year review by the Impact Assessment Agency of Canada.

This project is “not likely to cause significant adverse environmental effects when mitigation measures are taken into account,” according to a statement from IAAC.

“The federal government concurs with the recommendation of the Impact Assessment Agency of Canada. As a result, the Bay du Nord Development Project may proceed, subject to some of the strongest environmental conditions ever, including the historic requirement for an oil and gas project to reach net-zero emissions by 2050,” said Guilbeault, in a press release.

Equinor, the operator of the Bay du Nord project in Newfoundland and Labrador, says the project will consist of three oil discoveries in the Flemish pass basin, approximately 500 kilometres northeast of St. John’s.

The company estimates that the Newfoundland and Labrador government will receive $3.5 billion from Bay du Nord, with oil production expected to start in the latter part of the decade.

Equinor called the federal environmental approval “an important milestone” for the project in a statement on Wednesday evening.

“We now look forward to progressing this key investment in Canada – which has the potential to produce the lowest carbon oil in the country,” said the company’s statement.

Bay du Nord is going to be Canada’s first remote deepwater oil project, with wells as deep as 1,200 metres pumping around 188,000 barrels of oil daily.

Original source material for this article taken from here