Equinor is working on a massive transformation of its stalled Bay du Nord oil project off Newfoundland, Canada where reserves have tripled in size after last year’s major discoveries at Cambriol and Cappahayden and now stand at close to 1 billion barrels.

Upstream understands that engineers are pulling together a phased development plan for the deep-water asset in the Flemish Pass basin incorporating a bigger floating production, storage and offloading vessel and a beefed-up 50-well subsea system.

The result will be a project whose capital cost is set to be far larger than the $5 billion estimate of last year.