NL Reaches Agreement to Advance Bay du Nord Deepwater Oil Project

(L-R) Newfoundland and Labrador Premier Tony Wakeham, Tore Loseth, country president at Equinor Canada, and Elsa Lassemblee-Leon, vice president of BP Canada sign a benefits agreement on the Bay du Nord project during a news conference in St. John's, N.L. on March 3, 2026. The Canadian Press/Paul Daly

Newfoundland and Labrador has signed an agreement with Norwegian energy company Equinor to advance its proposed Bay du Nord offshore oil development project.

The deal will “open the path” for construction and production of Canada’s first deepwater oil project, N.L. Premier Tony Wakeham said at a March 3 press conference in St. John’s. He added that Equinor and project partner BP would invest nearly $20 billion in capital and operating expenditures in the province under the agreement.