Energy NL welcomes Bay du Nord benefits agreement

Energy NL says a benefits agreement signed between the Government of Newfoundland and Labrador and project partners Equinor and BP for the Bay du Nord offshore oil development marks an important step toward advancing the project.

The industry association said the agreement sets expectations for work to take place in Newfoundland and Labrador and outlines opportunities for companies in the province’s supply and service sector.

Energy NL CEO Charlene Johnson said the project is expected to create opportunities for local companies and workers involved in offshore development and operations.

The association said its members have decades of experience in the offshore oil industry and are expected to play a role in the planning, construction, and operation of the development if it proceeds.

Energy NL said it looks forward to working with project partners, including Equinor, BP, BW Offshore and Subsea Integration Alliance, as the project moves through the next stages of decision-making.