The federal government will formally approve the Bay du Nord offshore oil project after the markets close at 4 p.m. ET, according to CBC News from many sources who are not authorized to speak in public. CTV was the first to report the news. The Bay du Nord has been imposed by environmental activists and climate scientists, who say it runs counter to the federal government’s climate targets. The bill has also sparked controversy in Prime Minister Justin Trinto’s liberal cabinet. In February, Radio Canada reported that cabinet members from Quebec, Ontario and British Columbia had opposed his approval. The Newfoundland and Labrador governments have strongly defended the project, with Prime Minister Andrew Furey pressuring the Liberals for months. “I think there is an urgent need to really look at the federal government to ensure that this is approved,” he told reporters in late March. Norwegian oil company Equinor and its partners plan to develop the oil field at Flemish Pass, about 500 kilometers east of St. Petersburg. John’s. The Bay du Nord will be the first project to transport the offshore oil industry to such deep waters, with drilling more than a kilometer underwater. Their plan is to use a huge production, storage and unloading vessel, commonly known as the FPSO, capable of producing up to 200,000 barrels per day. The project will be the fifth offshore Newfoundland and Labrador oil field in production and will start producing as early as 2028. The Bay du Nord – seen as the economic lifeline for Newfoundland and Labrador, whose economy depends on offshore oil rights and labor – has been around for years. , Equinor postponed the project to 2020 after falling oil prices in the first months of the COVID-19 pandemic, but said it would move forward in 2021. The company says the project will produce about 300 million barrels of oil and produce 3.5 million barrels. billions of dollars in government revenue and create thousands of jobs. Federal Environment Minister Steven Guibeault’s decision on whether to move the Bay du Nord was originally scheduled for December, but was postponed until March 6. Guibeault missed that deadline, too, and the federal government said it needed more time to assess whether the project was likely to cause “significant adverse environmental effects.” The federal government last week released a climate plan that included measures to reduce oil and gas emissions, but stopped cutting production plans. Read more from CBC Newfoundland and Labrador
title: “Federal Government To Approve Controversial Bay Du Nord Oil Project " ShowToc: true date: “2022-12-07” author: “Mary Chipps”
The federal government will formally approve the Bay du Nord offshore oil project after the markets close at 4 p.m. ET, according to CBC News from many sources who are not authorized to speak in public. CTV was the first to report the news. The Bay du Nord has been imposed by environmental activists and climate scientists, who say it runs counter to the federal government’s climate targets. The bill has also sparked controversy in Prime Minister Justin Trinto’s liberal cabinet. In February, Radio Canada reported that cabinet members from Quebec, Ontario and British Columbia had opposed his approval. The Newfoundland and Labrador governments have strongly defended the project, with Prime Minister Andrew Furey pressuring the Liberals for months. Speaking to CBC News on Wednesday, Furey did not confirm reports of official approval by the federal government. “I am very optimistic that a decision is imminent,” Furey said. “I am very confident that our voice was heard in the people who make the decisions. The benefits of the project are in themselves.” Norwegian oil company Equinor and its partners plan to develop the oil field at Flemish Pass, about 500 kilometers east of St. Petersburg. John’s. The Bay du Nord will be the first project to transport the offshore oil industry to such deep waters, with drilling more than a kilometer underwater. Their plan is to use a huge production, storage and unloading vessel, commonly known as the FPSO, capable of producing up to 200,000 barrels per day. The project will be the fifth offshore Newfoundland and Labrador oil field in production and will start producing as early as 2028. The Bay du Nord – seen as the economic lifeline for Newfoundland and Labrador, whose economy depends on offshore oil rights and labor – has been around for years. , Equinor postponed the project to 2020 after falling oil prices in the first months of the COVID-19 pandemic, but said it would move forward in 2021. The company says the project, which has not yet been officially validated, will produce about 300 million barrels of oil, generate $ 3.5 billion in government revenue and create thousands of jobs.
Environmental concerns
Federal Environment Minister Steven Gilbo’s decision on whether to move the Bay du Nord was originally scheduled for December, but was postponed until March 6. Guilbeault missed that deadline, too, and the federal government said it needed more time to assess whether the project was likely to cause “significant adverse environmental effects.” The federal government last week released a climate plan that included measures to reduce oil and gas emissions, but stopped cutting production plans. The NL government and supporters of the oil industry have advertised the so-called “low carbon” content of the Bay du Nord oil, calling the project a critical part of a transition to renewable energy. Climate scientists and environmentalists have ridiculed the description. Offshore areas of Newfoundland and Labrador emit less emissions from mining than other producers, but mining accounts for only about 15 percent of a barrel emissions. When this oil is burned for energy, it produces just six percent less carbon than diluted asphalt from Alberta oil sand. Read more from CBC Newfoundland and Labrador
