Trudeau Approves Equinor’s $12 Billion Offshore Oil Plan
- Discovery set to eventually produce 200,000 barrels a day
- Decision may complicate efforts to hit emission targets
The Bay du Nord FPSO development concept.
Source: EquinorThis article is for subscribers only.
Prime Minister Justin Trudeau’s government gave the green light to a $12 billion offshore oil project proposed by Norway’s Equinor ASA, handing a major win to the nation’s fossil-fuel sector but drawing an angry backlash from environmental groups.
The government said late on Wednesday the Bay du Nord project -- about 500 kilometers (311 miles) off the coast of Newfoundland -- can move ahead as long as the company follows strict environmental protection measures. Equinor will need to comply with 137 legally-binding conditions, including requirements to reduce greenhouse gas emissions, it said.