CAPP welcomes today’s announcement of an agreement between the Government of Newfoundland and Labrador and the proponents of the Bay du Nord project, Equinor and bp. This agreement represents an important step forward as the project advances toward a final investment decision in 2027.
Bay du Nord is a critically important project for both Canada and Newfoundland and Labrador. Over its lifetime, the project is expected to generate billions in government revenues, contribute significantly to Canada’s GDP and support thousands of jobs. Equally important, as a basin‑opening development, Bay du Nord could unlock a new area of offshore oil production, revitalizing the offshore sector, driving new investment, and creating long‑term value for Newfoundland and Labrador.
A sustained commitment to nation‑building projects like Bay du Nord is essential to strengthening Canada’s competitiveness for global investment, diversifying trade relationships, and enhancing energy security for our international partners.
Lisa Baiton, CAPP President & CEO