Norway’s Equinor and the Canadian province Newfoundland and Labrador have agreed to develop a deepwater oil project off Canada’s eastern coasts that will cost US$5.2 billion ( C$6.8 billion ), the Premier of Newfoundland and Labrador, Dwight Ball, said on Thursday. Equinor Canada is the operator of the Bay du Nord oil discovery, made in 2013 and estimated to hold more than 300 million barrels of light, high-quality crude oil. The province of Newfoundland and Labrador is now buying a 10-percent equity stake in the Bay du Nord oil project, which is expected to be sanctioned in 2020 and aims for first oil in 2025. Bay du Nord is the first remote, deepwater project in the province’s offshore. It is located 500 kilometers (311 miles) from shore at a depth of around 1,200 meters (3,937 feet). The Bay du Nord project opens a new basin—the Flemish Pass—and is the […]