Federal government to formally approve Bay du Nord project | CBC News
CBC NewsWith water depths of some 1,200 metres, Equinor's Bay du Nord project will use a floating production, storage and offloading vessel, better known as an FPSO, like the one pictured here in this illustration. Officials with Equinor say a final investment decision is expected within two years, with first oil before the end of this decade.
Their plan is to use a massive floating production, storage and offloading vessel, commonly known as an FPSO, capable of producing up to 200,000 barrels daily. Bay du Nord — seen as an economic lifeline to Newfoundland and Labrador, whose economy has been dependent on offshore oil royalties and labour — has been years in the making.
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N.L. premier on Bay Du Nord projectNewfoundland and Labrador Premier Andrew Furey says there is going to be a need for petroleum products in the transition to green energy.
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