Canada's easternmost province steps into oil and gas industryStaff Writer | July 27, 2018
Dwight Ball, Premier of Newfoundland and Labrador, announced the first step into a new frontier for the province’s oil and gas industry, deepwater production.
Canada Oil rigs will come...
Discovered in 2013, the Bay du Nord Project is expected to be sanctioned in 2020, with first oil expected in 2025.
With reserves of nearly 300 million barrels of oil, Bay du Nord is the first remote, deepwater project in the province’s offshore (500 kilometres from shore and approximately 1,200 metres deep).
It opens a new basin – the Flemish Pass and is the first project to be negotiated under Newfoundland and Labrador’s generic oil royalty regulations.
The Bay du Nord Project aligns with Advance 2030 – The Way Forward on Oil and Gas, which was developed to position Newfoundland and Labrador as a globally preferred location for oil and gas development. ■