The Norwegian global oil company Equinor has announced it will be postponing an offshore oil project near the coast of Newfoundland & Labrador for at least three years because of rising costs.
Equinor’s Bay du Nord oil project consists of several oil discoveries in the Flemish Pass basin, located in international waters about 500 kilometres northeast of St. John’s, N.L.
The company first discovered oil at the site in 2013, followed by several more findings in the last few years, and has been working toward installing offshore oil-drilling sites in the area ever since. It previously planned to produce its first Bay du Nord oil by the end of the decade. The company also has 500 million barrels of recoverable reserves that could last 20 years….