Premier Says Equinor's Bay du Nord Commitment a Positive Step for Offshore Industry

Premier Tony Wakeham said Monday that a new development involving the Bay du Nord oil project marks another positive step forward for Newfoundland and Labrador's offshore energy sector.

In a statement, Wakeham welcomed confirmation from Equinor that the company remains committed to the Bay du Nord project, is advancing work toward a final investment decision in early 2027, and will assume full ownership of the development.

The premier described the move as a strong vote of confidence in both the project and the province's offshore industry.

"Equinor has made it clear that it remains fully committed to Bay du Nord," Wakeham said, adding that the company's decision demonstrates confidence in the long-term potential of Newfoundland and Labrador's offshore resources.