Norwegian energy giant Equinor has shown its interest into plan and moving forward with the on-again, off-again Bay du Nord development in Newfoundland and Labrador’s offshore, with the aim to make it the lowest-emitting oil project of Canada.
The man in charge of the company’s international exploration and production sector made his way to St. John’s, and mingled with industry leaders in the provincial capital this shows their progress which was observed last week.
Al Cook gave a timeline of the development of the oil project in an interview as to how the rebooted and vastly bigger it might be.
Cook further elaborates on the topic said design work is in progress, the final investment decisions can be assumed to declare within a couple of years, and it is expected that the first oil by 2028.
In an interview in downtown St. John’s., he said they are working dedicatedly on the project and they are committed to moving it forward.
After visiting the COP26 United Nations climate summit in Scotland, where the debate took place about the action against climate change and reduce greenhouse gases, including those emitted by the oil and gas industry, Cook returned to St. John’s.
Cook highlighted that instead of keeping a low profile about Equinor’s ambition to establish N.L.’s fifth producing oil field, Bay du Nord can help both Canada and Equinor — Norway’s largest energy company — by 2050 it can achieve the goal of net-zero emissions.
Cook made it clear that Equinor’s goal is to make Bay du Nord the lowest-emitting oil project in Canada.
Further, he said that as long as the world needs oil and gas, developments such as Bay du Nord will be key to doing that so that we meet the lowest carbon way possible.
Though the world in the future will no longer need fossil fuels. But until we find an alternative, we need to focus on low-emitting projects.
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