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Bay Du Nord: The $16 billion oil project that could make or break Newfoundland

The province’s next offshore oil megaproject is either a salvation, a betrayal or the future of Canadian oil. It might be all three.

A journey from downtown St. John’s to the Flemish Pass will take a traveller nearly 500 kilometres into the North Atlantic—one-sixth of the way to the shores of Ireland. Along the way they’ll pass through ruthless storms, towering waves and the paths of massive icebergs drifting from the Arctic Circle. Plunge below the surface, however, and there’s a bounty to be found.

The Pass is a deep basin carved into the ocean floor, under which lies at least 500 million barrels of recoverable oil, first discovered in 2013 by the Norwegian oil and gas firm Equinor. Today, the company plans to open this inhospitable seascape to the most ambitious offshore-oil undertaking in Canadian history.

In the expedition-heavy language of the oil industry, Equinor has dubbed the Flemish Pass a “new frontier” in deepwater oil, farther to sea than any prior offshore project in Canada. Workers will live and work here on a platform floating above open-ocean waves, above a production area spanning nearly 5,000 square kilometres. They’ll extract oil from wells more than a kilometre below the water’s surface. The $16-billion project, to be called Bay du Nord, will be majority-owned by Equinor, with BP holding a smaller stake.

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