Canada’s first deep water oil undertaking has been shelved for 3 years “within the face of difficult market situations,” based on Norwegian oil large Equinor.
The corporate despatched a information launch shortly after midday on Wednesday, within the midst of the Vitality NL Convention and Exhibition in St. John’s.
“We are going to make the most of this postponement to proceed to actively mature Bay du Nord in direction of a profitable improvement,” mentioned Tore Løseth, head of Equinor Canada.
A spokesperson mentioned the undertaking has incurred “important value will increase” in latest months, due partly to a unstable market.
Extra to come back.