BP AND CENOVUSThe Bay du Nord project consists of multiple oil discoveries containing at least 300 million recoverable barrels, according to Equinor. “Equinor is pleased with the strong support that the Bay du Nord project has received from stakeholders,” the company said in an emailed statement. CLIMATE PLANCanada’s energy companies have mostly stopped proposing major new oil projects since prices collapsed in 2014. The industry has shifted from investing in multibillion-dollar oil-sands and offshore projects that last for decades in favor of drilling for shale oil. Government officials have said that technical improvements -- such as installing carbon capture technology -- can allow Canada to meet its emission reduction target while still allowing increased oil production.

Source: CBC News April 06, 2022 20:19 UTC