Equinor to Decide in Early 2027 on Bay du Nord Oil Project Off Newfoundland

Equinor will decide in early 2027 whether to proceed with the Bay du Nord oil project off the east coast of Newfoundland. Geir Tungesvik, executive vice president for project, drilling and procurement, told investors on June 16 that the field holds 550 million barrels of recoverable oil.

The figure exceeds recent estimates of 430 million barrels and nearly doubles the initial projection of 300 million barrels.

Tungesvik described the project as a "basin opener" and said Equinor has chosen to develop two of its five discoveries in the area. He spoke during the company's Capital Markets Day presentation. Torgrim Reitan, Equinor's chief financial officer, said the project is expected to deliver "very, very high" cash flow per barrel.

Bay du Nord would be Canada's first deepwater oil development and would sit roughly 500 kilometres from shore, farther from land than any other oil project worldwide. Cbc reported the statements from Equinor's June 16 presentation to investors.