N.L. reaches agreement to advance Bay du Nord offshore oil project

Newfoundland and Labrador’s government has signed a benefits agreement with Equinor and BP, paving the way for the Bay du Nord offshore oil project. Premier Tony Wakeham announced the deal, which could generate $6.4 billion in revenue and allows the province to explore a 10 percent equity stake. The project, expected to produce its first oil by 2031, will create over 31 million hours of work and emphasizes local component manufacturing.

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