(Equinor)Federal Environment Minister Steven Guilbeault formally approved the Bay du Nord offshore oil megaproject Wednesday, making a decision that will infuriate environmentalists but boost the Newfoundland and Labrador economy. "We accept the conclusions of the Impact Assessment Agency of Canada on the Bay du Nord project," Guilbeault said while speaking with reporters. Environment minister approves controversial Bay du Nord project Duration 1:48 Environment Minister Steven Guilbeault says he's approved the project on the condition that it reaches net-zero by 2050. Bay du Nord will be the first project to move the offshore oil industry into such deep waters, with drilling to go more than a kilometre underwater. The project will be Newfoundland and Labrador's fifth offshore oil field to move into production since Hibernia launched in 1997.

Source: CBC News April 07, 2022 00:07 UTC