The Honourable Andrew Furey, Premier of Newfoundland and Labrador, and the Honourable Andrew Parsons, Minister of Industry, Energy and Technology, today provided the following statement regarding an extension by the Government of Canada of the time limit for a decision on the Bay du Nord Development Project Environmental Assessment:
“We remain optimistic that the Government of Canada recognizes the value of the Bay du Nord project. As Premier, I have been in contact with the Prime Minister and he understands the importance of this project to our province.
This project will play a key role in helping the province meet global demand for responsible oil while supporting our government’s commitment to Net Zero by 2050.
The Bay du Nord project is also critical to the Newfoundland and Labrador economy, and would provide significant employment and economic activity.
Equinor began the Environmental Assessment process for the Bay du Nord development project with the Impact Assessment Agency of Canada in 2018. In the executive summary of its Environmental Assessment Report on the project in August 2021, “the Agency concludes that the Bay du Nord Development Project is not likely to cause significant adverse environmental effects, taking into account the implementation of mitigation measures.” (https://aeic-iaac.gc.ca/050/documents/p80154/138155E.pdf)
Bay du Nord will be the most carbon efficient development of its scale in Canada and will apply industry-leading emissions technologies such as a flare gas recovery system that recovers and repurposes gas and emissions as part of operations and eliminates the need for continuous flaring.
Bay du Nord will be by far the best performer in the province’s offshore from an emissions perspective. Emissions from Bay du Nord are estimated to be less than 8 kgs per barrel compared to an average of 13.8 kgs per barrel in the Newfoundland and Labrador offshore currently, and an international average of 16.1 kgs per barrel.
This is the product the world needs now more than ever before. Our oil and gas industry – with our low emissions per barrel compared to the international average and our strong environmental, social and governance structure – can be a part of the solution as the world transitions to a lower carbon economy.
We continue to work with Equinor and our federal partners as we await a decision from the federal government on this important project for Newfoundland and Labrador, Canada, and the world.”
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Media contacts
Meghan McCabe
Office of the Premier
709-729-3960
meghanmccabe@gov.nl.ca
Kelly-Anne Roberts
Industry, Energy and Technology
709-729-5248
Kelly-AnneRoberts@gov.nl.ca