Final decision on Bay du Nord set for early 2027 as estimated oil reserves grow

Equinor has told investors it will decide in early 2027 whether it will proceed with its proposed Bay du Nord oil project off the east coast of Newfoundland.

Geir Tungesvik, an executive vice-president with the Norwegian energy company, described Bay du Nord as a "basin opener" with a reserve of 550 million barrels of recoverable oil.

That's up from recent estimates of 430 million barrels, and nearly double initial estimates of 300 million barrels.

Tungesvik made the remarks Tuesday during Equinor's Capital Markets Day presentation and he said the company decided to develop two of its five discoveries in the Bay du Nord area.

Torgrim Reitan, Equinor's chief financial officer, said Bay du Nord is expected to deliver "very, very high" cash flow per barrel.

Bay du Nord would be the first deepwater oil development in Canada, and it would be about 500 kilometres from shore — farther from land than any other oil project on the globe.

This report by The Canadian Press was first published June 18, 2026.

Sarah Smellie, The Canadian Press

Share This:

---

More News Articles