Equinor shocks oil market by shelving critical Canada project for three years

Equinor and BP have decided to postpone their ground-breaking and challenging Bay du Nord project offshore eastern Canada for three years.

Set to be the first ever development in the deep-water Flemish Pass basin offshore Newfoundland & Labrador, Bay du Nord came with a nominal price tag of almost US$10 billion and was centred on a 200,000 barrel per day floating production, storage and offloading vessel linked to a huge subsea production system.