Equinor shelves Bay du Nord development offshore Canada

Equinor ASA last month shelved its Bay du Nord deepwater oil project for 3 years “following changing market conditions and subsequent high cost-inflation.” The company said it will continue to assess exploration drilling around the field in 2024.

Bay du Nord consists of several oil discoveries in Flemish Pass basin, 500 km northeast of St. John’s, Newfoundland and Labrador, Canada. Bay du Nord itself lies in waters about 1,170 m deep, while the later discoveries in adjacent exploration license EL1156 (Cappahayden and Cambriol) are in 650-meters water depths and are potential tie-ins to a joint project development.

Equinor earlier this year issued a letter of intent to KBR Industrial Canada Co. for front-end engineering and design of topside infrastructure for the floating, production, storage, and offloading vessel it plans to develop the project through (OGJ Online, Apr. 3, 2023). Its partner in the project is bp PLC (35%).