With the federal government’s approval of the Bay du Nord oil project off the shores of Newfoundland and Labrador Wednesday, that province finds itself walking a fine economic and environmental line between the old and new.
A buoyant Premier Andrew Furey entered the room to loud applause from his attending caucus as he held an evening news conference in St. John’s to announce the approval and immediately set about pushing the notion that the province could have the best of both worlds.
And that could represent welcome relief for one of the country’s poorest provinces, one that, almost exactly two years ago was writing letters to the Prime Minister saying that it was in dire financial straits. Furey painted the project as part of the province’s two-pronged approach to future energy, calling the oil to be extracted “some of the lowest in the world,” pointing to his government’s decision this week to lift a 17-year moratorium on developing wind energy and pledging to continue to explore alternative energy sources.
It will be Canada’s first deep-water project — it will drill below about 1,200 metres of water and it’s projected to produce around 188,000 barrels of oil a day.The project approval comes at a time when Canada has just released a climate plan that emphasizes renewable sources of energy and targets net-zero emissions by 2050.
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