Government of Newfoundland and Labrador Advancing Bay du Nord Through Active Negotiations

Newfoundland and Labrador signed a benefits agreement with Equinor (and BP) for the Bay du Nord project, detailing up to about $6.4 billion in direct revenue to the province over the first 25 years plus a $200 million fabrication fund. The agreement also acknowledges that federal fees for developments beyond the provincial zone could reach up to $1…

The article reports that the Bay du Nord oil project has reached a key milestone and that Newfoundland and Labrador (N.L.) and Equinor have signed a benefits agreement. It highlights the government announcement of this milestone and the accompanying agreement with the company.

Newfoundland and Labrador Energy and Mines Minister Lloyd Parrott said talks with Equinor on a benefits agreement for the Bay du Nord project are moving ahead “very well, extremely well,” and that provincial–Equinor negotiations are ongoing with near-daily meetings. The government stated that the delay in formalizing a benefits agreement is delaying…