POST Online Media Lite Edition



 

Canada approves first deepwater offshore oilfield development

Christian Fernsby |
The Canadian government formally gave greenlight to the development of Bay du Nord offshore oilfield, the first deepwater mega project in the country.

Article continues below




Following a thorough and science-based environmental assessment conducted by the Impact Assessment Agency of Canada (the Agency) over four years, Steven Guilbeault, Minister of Environment and Climate Change, has agreed with the conclusions in the Agency's Environmental Assessment Report that determined the proposed Bay du Nord Development Project is not likely to cause significant adverse environmental effects when mitigation measures are taken into account.

The project is therefore allowed to proceed with strict measures to protect the environment.

The Decision Statement sets out 137 legally-binding conditions that the Norwegian company Equinor must comply with throughout the life of the project, which is approximately 500 kilometres east of St. John's, Newfoundland and Labrador.

These conditions include requirements to reduce greenhouse gas emissions (GHGs) and measures to protect fish and fish habitat, migratory birds, species at risk, air quality, human health and Indigenous peoples' use of resources.

For the first time ever, a Decision Statement has also been issued requiring the proponent to achieve net-zero GHG emissions by 2050.

In addition to reaching net-zero emissions by 2050, Equinor is also legally-required to consider best available and new technologies to allow for the adaptive management of GHGs, as well as incorporate measures to reduce GHG emissions in the design of the project.

The proponent will be responsible for reporting to Environment and Climate Change Canada and to the Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) on how these measures will be incorporated into the final project design.

At five times less emissions intensive than the average Canadian oil and gas project, and ten times less than the average project in the oil sands, the Bay du Nord Development Project is an example of how Canada can chart a path forward on producing energy at the lowest possible emissions intensity while looking to a net-zero future.

Going forward, Equinor can now proceed with obtaining any other necessary authorizations and permits from federal departments as well as the C-NLOPB.


What to read next

Florida senator: Trump's drilling plans contain no word about safety
UK floating offshore wind projects to receive more than £60 million cash boost
Argentina prepares first offshore bidding round in decades

U.S.: Pacific storm over west

 
An omega pattern aloft will support impactful weather across the Central U.S. this weekend.
 
 

Latest

U.S. drillers cut oil and gas rigs to 620
4.8 magnitude earthquake rattles New Jersey and New York
Rare species of wild bees discovered in Berlin
UK: Leicester City Council confirms ransomware attack after confidential documents leaked

NEWS

Finland extends border closure with Russia indefinitely

Russian nationals admit to illegally sending controlled aviation technology to Russia
Germany says Russia ‘very likely’ responsible for Baltic GPS disruptions
Singapore jails second defendant in laundering case
Taiwan earthquake deaths climb to 12
Czech police arrest 14 for drug smuggling
 

BUSINESS

Australia: East coast gas surplus expected in Q3 2024

Kuwait-Saudi rail link to be ready by 2028, says report
Cambodia approves investment projects worth $2.2 in Q1
Venice to charge day trip tourists 5 euros
Commission opens two in-depth investigations in solar photovoltaic sector
UK airports granted extensions to install cutting-edge security technology
 

Trending Now

Slovenia's economy expected to grow 0.9 pct in Q1

UK scientists win funding for 'cancer detecting' Lollipops

UK's competition watchdog to examine EDF buying GE's nuclear turbine unit

Study finds there's right way and wrong way to deliver negative feedback in workplace


POLITICS

UK Exports Minister visits Latin America to boost trade and unlock billions worth of exports

Argentina, Brazil in talks to reverse Bolivian gas pipeline amid shortage
Trudeau offers $6 billion to provinces to build housing
€1 billion Greek State aid measures to support renewable energy generation and storage projects
North Carolina reaches electric vehicle registration goals two years early
Colorado Energy Office launches tax incentive for geothermal electricity development and production
 

Today We Recommend

Thieves steal up to $30 million in one of largest cash heists in L.A. history


Highlights 

99 Cents Only Stores to close all 371 stores

Alaska Airlines says Boeing paid $160 mln for 737 Max 9 grounding

Saint-Gobain to acquire Bailey for $650 million


COMPANIES

99 Cents Only Stores to close all 371 stores

Alaska Airlines says Boeing paid $160 mln for 737 Max 9 grounding
Lindsay announces agreement to acquire minority interest in Pessl Instruments
Saint-Gobain to acquire Bailey for $650 million
Farmers Mutual Hail to acquire Global Ag from AXA XL
Oar Resources signs deal to acquire Namibian prospecting licences
 

CAREERS

TerraPay names Marco Boldini as EVP and global head of governmental affairs

Farmers Insurance appoints John Griek as CFO
PA Media Group appoints Emily Shelley as new CEO
BioNTech appoints Annemarie Hanekamp as chief commercial officer
Ecobank Group strengthens leadership team
Veramed appoints Karen Curran as chief strategy officer
 

ECONOMY

Slovenia's economy expected to grow 0.9 pct in Q1

Italy faces deficit infringement procedure
Real GDP increased in all 50 U.S. states
Inflation continues to decline in Germany
UK house prices log unexpected fall
South Korea's FDI logs double digit growth in Q1
 

EARNINGS

Dollarama Q4 sales increased 11.3%

Conagra Brands Q3 sales decreased 1.7%
Liebherr finished 2023 business year with record revenue of €14,042 million
BlackBerry Q4 revenue $173 million
Levi Strauss Q1 revenues 8% lower
PVH Q4 revenue of $2.490 billion flat
 

OP-ED

Micromanaging is the worst enemy of efficiency and teamwork

Niger set to monetize massive gas reserves through Saharan natural gas pipeline
Putting the brakes on EV folly that choked the market
Oil discovery in Kavango Basin may mean huge benefits for Namibians
Cape Town and Dubai battle over Africa's energy future
Is America going to lose its superpower status?
 

AGRIFISH

FAO Food Price Index rises in March

Australia grants license for GM bananas amid Fusarium Wilt TR4 concerns
Indian government allows exports of 10,000 tons of onions to UAE
Analytical survey: Sales of agricultural lands in Ukraine up 50% in February
Decline in Norwegian seafood exports in Q1
Tanzania's first fishing harbor to be completed in 2025
 

LEADERSHIP

Study finds workers misjudge wage markets

Some organizations may need to expand their hierarchical structures earlier than others
Study finds there's right way and wrong way to deliver negative feedback in workplace
Allyship is critical and its needs appreciation
Generating 'buzz' about new products can influence their success
Hiring 'problem directors' can knock up to 64% off firm's value
 

CRIME

HSBC pays penalties for alleged breaches of Consumer Data Right rules

Sanofi to settle thousands of Zantac cancer lawsuits
Former asset manager and board member of Geneva private bank referred to Swiss Federal Criminal Court
South Africa: SAP ordered to pay SIU $26m over 'invalid' Eskom contracts
Former Steinhoff director appears in court for $1.1b fraud, racketeering
Genesis agrees to pay $21 million penalty to settle SEC charges
 

Magazine

TRAVEL

Buna channels, an unreal and beautiful part of Bosnia and Herzegovina

JW Marriott unveils Mindful Haven with opening of JW Marriott Hotel Nairobi
Sotheby's Sports Week returns with fantastic artifacts
Red Roof properties open in Michigan
Treyam, your premier lagoon destination in Saudi Arabia
San Francisco: SkyStar wheel on Fisherman’s Wharf to stay for another 18 months
 

SEA, LAND, AIR

2025 Chevrolet Equinox stands apart with fresh looks and capability

Hill Helicopters HX50, luxury in the sky
Opel Movano becomes fully equipped camper van
Porsche Panamera, new hybrid variants
Dodge Charger, 670 horsepower of electric
Pagani Huayra R Evo, 900 hp from 770 Nm
 

DESIGN

Cold night, hot fire pit, cool entertainment

Embellish your home with PVC panels
You'll have to hurry if you want one of 20 new Louis Vuitton watches
Luxury duvet looks good, fells good and keeps you healthy
Vacheron Constantin, watches for life and more
Schüller kitchens, where functionality marries design
 

GADGETS

reMarkable 2, monochrome tablet for your thoughts and your eyes

OnePlus Ace 3V, first with Snapdragon 7 Plus Gen 3
ASUS Zenfone 11 Ultra, flagship with a reason
Samsung Galaxy S24 is photography powerhouse
Casette tapes are making a big comeback, and so are portable players
Neumann TLM 103, standard microphone for both voice and music
 

HEALTH

India launches first home-grown gene therapy for cancer

UK scientists win funding for 'cancer detecting' Lollipops
State to cover rare disease treatment costs in Bulgaria
Type 1 diabetes patients in England to receive 'artificial pancreas' as medication
Pilot study shows ketogenic diet improves severe mental illness
Texas reports possibly U.S. first human case of bird flu linked to cattle
 

MEANTIME

SLAC completes construction of largest digital camera ever built for astronomy

Solar eclipse next week in U.S., Mexico and Canada
Gravitational waves may have made human life possible
Astronomers unveil strong magnetic fields spiraling at the edge of Milky Way's central black hole
Scientists on hunt for evidence of quantum gravity's existence at South Pole
Hydrogen train from Switzerland sets world record