Equinor's Bay du Nord oil project seeks approval for Canada's first deepwater venture

Equinor has taken a step forward with its Bay du Nord oil project by submitting a development application to Newfoundland and Labrador’s energy regulator. If approved, this would mark Canada’s first deepwater oil venture. The proposal now faces further review before any final decisions are made. The Bay du Nord project first cleared federal environmental approvals in 2022. Since then, Equinor has continued planning but has not yet committed to moving ahead. A possible investment decision is expected by 2027.

The Canada-Newfoundland and Labrador Offshore Energy Regulator’s board will assess whether the project serves the public interest. After their review, the federal natural resources minister and the provincial energy minister will have the final say. Before any approvals, the public will have a chance to share feedback on the offshore development. This consultation period forms part of the regulator’s decision-making process.

The Bay du Nord project remains under consideration, with no guarantee of proceeding. If greenlit, it would become Canada’s first deepwater oil operation. Final approvals will depend on regulatory reviews and public input over the coming years.