Ministerial Statement: Newfoundland and Labrador’s Offshore Industry Reaches Major Milestone

The Newfoundland and Labrador government announced an agreement with Equinor to develop the Bay du Nord oilfield, located about 500 kilometers east of the province, with project sanction expected in 2027 and first oil around 2031. The federal government agreed to waive the UNCLOS extranational tax for this project, covering costs and signaling support…

The government announced a historic agreement with Equinor and BP to develop the Bay du Nord oilfield, marking the first standalone offshore oil-and-gas project in Newfoundland and Labrador since 2008. The deal includes a 10% provincial equity stake, roughly $6.4 million in direct first-phase revenue, a $100 million R&D fund, a 20% apprenticeship target…

The Newfoundland and Labrador government announced an agreement with Equinor and BP to advance the Bay du Nord offshore oil and gas project, marking the province’s first standalone development since Hebron. The deal includes up to $6.4 billion in direct revenue for the province in the first phase, and $200 million in fabrication funds to build a large…

Summary: The Newfoundland and Labrador government reached a benefits agreement with Equinor and BP for the Bay du Nord project, outlining over $6 billion in royalties and corporate tax revenues over 25 years if production begins by 2031. As part of the deal, the oil companies will fund a $200-million floating dry dock at Bull Arm to compensate for not…

Newfoundland and Labrador signed a revised agreement with Equinor and BP to revive the Bay du Nord offshore project, moving it toward construction with higher local content, potential provincial equity participation, and up to $6.4 billion in direct revenue in the first phase. The deal aims for a final investment decision in 2027 and first oil in 2031,…

Newfoundland and Labrador’s government announced an agreement with Equinor and BP to advance the Bay du Nord offshore oil project, enabling construction and eventual production. The deal includes potential up to 10% provincial equity, over $6.4 billion in direct revenue in the first phase, more than 31 million person-hours of work, a commitment to 95%…

The Premier announced a benefits agreement with Equinor and BP for the Bay du Nord offshore oil project, including life-of-field benefits, royalties, and an equity option. The deal aims to secure up to $6.4 billion in direct provincial revenue, create extensive Newfoundland and Labrador jobs, and require local fabrication (including 95% of subsea…

The Newfoundland and Labrador government and Equinor signed a benefits agreement for the Bay du Nord project, detailing up to $6.4 billion in direct revenue to the province over the first 25 years plus a $200 million fabrication fund. The agreement accompanies ongoing consideration of the project’s final investment decision, with federal support to cover…