The $10-billion Bay du Nord oil project, previously shelved in 2023, was reignited in January 2025, when Equinor handed out pre-FEED work to BW Offshore and Altera Infrastructure, followed by the former’s selection as the preferred FPSO bidder for the project in Canada’s Flemish Pass basin, around 500 kilometers northeast of St. John’s.

With a planned investment of around CAD $14 billion ($9.87 billion), the first oil is expected in 2031. The original hydrocarbon discovery, made in 2013, is estimated to hold around 300 million barrels of light, high-quality oil. Other finds followed in 2014, 2016, and 2020.