North Bay East “a megaproject of 60 oil extraction wells which should see the light of day off Newfoundland”, indicated Radio Canada. Led by the Norwegian company Equinor and the Canadian firm Cenovus Energy, the project will use a floating platform to exploit a deposit at a depth of 1,200 meters. It should start in 2028 and produce up to 73 million barrels per day over a period of thirty years.
The province of Newfoundland and Labrador will receive substantial royalties and 11,000 jobs will be created.
The Minister of the Environment, Steven Guilbeault – although a former environmentalist – says he has “determined that the designated project is not likely to cause significant adverse environmental effects”. He assures that Bay du Nord has been approved “subject to certain environmental conditions, the strictest ever imposed”including that of achieving carbon neutrality by 2050.
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