EQNR - Canada to approve Equinor's Bay du Nord oil project - CBC

Canada's federal government will formally approve the Equinor-led (EQNR +1.8%) Bay du Nord oil project after financial markets close on Wednesday, CBC News reports. The project would be Newfoundland and Labrador's fifth offshore oil field in production, starting as soon as early 2028; it is strongly supported in the local area, where the economy has been dependent on offshore oil royalties and labor. Environmental activists and climate scientists have opposed the project, saying it contradicts the federal government's climate goals. Equinor has said Bay du Nord will produce ~300M barrels of oil, generate $3.5B in government revenues and create thousands of jobs. Federal Environment Minister Steven Guibeault's decision on whether Bay du Nord would proceed originally was scheduled for December, then delayed again in March. Equinor is "perhaps the most profitable energy company in the world right now," CashFlow Hunter writes in a bullish analysis published on Seeking Alpha.

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Canada to approve Equinor's Bay du Nord oil project - CBC