Equinor Puts Off Canadian Offshore Project

March 19, 2020

World Energy Reports LLC.

Norway's Equinor and Canada's Husky Energy have reportedly pulled brakes on the plan to develop the Bay du Nord project offshore Canada, Reuters reported on Thursday.

"Equinor and partner Husky Energy have decided to defer the Bay du Nord development project offshore Canada to make the project more robust for low commodity prices," an Equinor spokesperson told Reuters.

"Equinor will now take the time to further improve the project business case and assess the duration of this deferral," he said.

The Bay du Nord (BdN) project consists of the three light oil discoveries in the Flemish Pass Basin, offshore Newfoundland: Bay du Nord, Bay de Verde, and Baccalieu.

The project area is located 500 kilometers east of St. John’s, in water depths of approximately 1,200 m, with recoverable reserves estimated to be about 300 million barrels of oil.

According to Equinor's website, the overall development concept comprises subsea installations tied back to a floating production unit (FPSO) for storage and offshore offloading to shuttle tankers.

Prior to today's reports of a delay, Equinor had expected that an investment decision would be made in 2021, with the first oil in 2025.

Per the Reuters report, the Norwegian energy company has made no alterations to schedules of other projects, such as the second phase of its Johan Sverdrup oil field development in the North Sea and the Arctic Johan Castberg project.

Both projects are expected to start in 2022, according to the previously announced schedules.

Floating Production Week delivers unrivaled overview, insight and analysis to the Offshore Floating Production Systems and Technology market

Floating Production Systems Report And Online Database

  • Monthly reports -- Our monthly reports provide a detailed snapshot of the business sector as of the middle of each month. More than 80 pages of data and industry analysis each month. Excel spreadsheets with each report enable subscribers to tailor the data presentation to their needs. In October of each year we provide a detailed five year forecast of production floater orders. In March of each year we fine tune the forecast and make revisions as needed.
  • Online database -- The online database is updated every day – with information direct from primary sources. In the database are details for 240 planned projects, 370 installations in service, 70+ floaters on order and 20+ floaters available. The database is fully searchable. Customized charts and spreadsheets can be directly produced from the database.
  • Customer support -- We are available to assist with technical questions about information in the database and reports -- and assist with any questions about using the database search tools.

Here's what you get!

Request a Free Sample Report