Newfoundland and Labrador secures $6.4B in projected revenue and local jobs from Equinor and BP’s Bay du Nord oil project, with key infrastructure and fee support.

Newfoundland and Labrador has signed a landmark benefits agreement with Equinor and BP for the Bay du Nord offshore oil project, a deepwater development in the Flemish Pass Basin expected to generate up to $6.4 billion in revenue over 25 years. The project, which could produce up to 400 million barrels of oil, will use a floating production vessel and create thousands of jobs, with 95% of fabrication work done locally. A $200 million commitment will fund a new floating dry dock, and the federal government will cover up to $1 billion in Law of the Sea fees. A final investment decision is expected in 2027, with first oil projected for 2031.