Updates
April 10, 2022: update on Newfoundland and Labrador.
Original Post
Previously posted:
Equinor - Canada - Bay du Nord oil project: $12 billion project.
- offshore; proposed by Equinor
- approved by Canada
- one wonders: would the US approve a $12 billion offshore oil project?
- my understanding: the US is not even approving leases for offshore projects already under development, but that needs to be fact-checked; that may be old news
Now, from Roy Johnston:
At $12 billioon, safe to say that Bay du Nord is Canada's first energy mega project sanctioned since LNG Canada.
Interesting to read comments at the link. Some folks are eternal pessimists.
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Europe's Urgent Need For Natural Gas
I've done work up there. The Canadians are competent. But it can be very expensive to do business there, given the unions, shortage of trained labor, restrictions on bringing your own people in. On top of the weather and distance from Houston. I think it's the massive cost overruns that haven been holding back people from doing more in Canada. The Gulf of M is expensive, sure. That's nature of the beast for offshore. But Canada is worse. Look at their last few projects.
ReplyDeleteThank you. Your comment suggested I check up on something.
DeleteThis will provide more background: https://www.cbc.ca/news/canada/newfoundland-labrador/budget-mining-oil-1.6411747.