Sun. Feb 25th, 2024

Bay du Nord would contain more of 1 billion barrels of oil

Open in full screen mode

The Equinor company estimates for its part that it would be economically and technically possible to extract more than 500 million barrels of oil as part of its Bay du Nord project. Above: diagram of a ship that would be used to extract and store this oil.

Radio-Canada

Voice synthesis, based on artificial intelligence, makes it possible to generate spoken text from written text.

Newfoundland and Labrador's oil industry regulator presents first estimate of crude oil quantity that it would be possible to extract from the Cambriol deposit, which is part of the large Bay du Nord offshore project.

The Canada-Newfoundland and Labrador Offshore Petroleum Board published a press release last Friday presenting its interpretation of the seismic data from the deposit. He estimates that Cambriol contains 340 million extractable barrels.

Norway's oil giant Equinor discovered this deposit in 2020, as part of its Bay du Nord megaproject. The company announced last spring that the project would be postponed for up to three years, due in part to fluctuating market conditions and inflation.

The Office estimated last year that another field, named Cappahayden and which Equinor also discovered in 2020, contains approximately 385 million barrels of oil.

The Office then estimated that the entire Bay du Nord contained a little less than a billion barrels. Its new estimate of the Cambriol deposit increases the total to more than a billion barrels.

The Office and Equinor each have their own estimate of the potential of the project for various reasons. That of Equinor is more moderate, according to spokesperson Alex Collins.

Loading in progress2020 presidential elections: Trump has no immunity, appeals court rules

ELSEWHERE ON NEWS: 2020 presidential elections: Trump has no immunity, appeals court rules

Equinor estimates recoverable reserves above 500 million of barrels linked to the Bay du Nord project. This estimate includes the Bay du Nord discovery in 2013, as well as the Cappahayden and Cambriol discoveries in 2020, says Alex Collins.

Open in full screen mode

The Bay du Nord project could include several drilling centers connected to the ship by underwater pipelines.

Alex Collins explains that resource estimates commonly vary across the industry based on a number of factors and interpretations geological.

Equinor's estimates are based on the amount of oil considered to be economically and technically extractable, he said.

The Office also announced on Friday the granting of a major discovery license to Equinor. This means in particular that the company can explore the sector, do drilling and testing, and obtain an extraction permit if it meets the requirements of the Federal Hydrocarbons Act.

Based on reporting by Mike Moore and information from Patrick Butler

By admin

Related Post