en.Wedoany.com Reported - Equinor has informed investors that it will decide by early 2027 whether to proceed with the Bay du Nord deepwater oil project off the coast of Newfoundland.

Geir Tungesvik, Executive Vice President of the Norwegian energy company, described Bay du Nord as a "basin opener," with recoverable oil reserves of 550 million barrels. This figure is higher than the recent estimate of 430 million barrels and nearly double the initial estimate of 300 million barrels.

Tungesvik stated that Equinor has decided to develop two of the five oil and gas discoveries in the Bay du Nord area. Equinor Chief Financial Officer Torgrim Reitan said the project is expected to generate "very, very high" cash flow per barrel.

If the project is ultimately approved for production, Bay du Nord would become Canada's first deepwater oil development project, located approximately 500 kilometers from the coast—farther from land than any other oil project globally. Front-end engineering and design (FEED) work is currently underway, and Equinor has selected BW Offshore to carry out the FEED work for the floating production, storage, and offloading (FPSO) vessel. The total project investment is estimated at approximately $10.3 billion (CAD 14 billion), and Equinor plans to develop it using an FPSO with a daily production capacity of about 160,000 barrels of crude oil.

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