(St. John’s, NL – March 4, 2026) Energy NL today welcomed the signing of a benefits agreement between the Government of Newfoundland and Labrador and partners Equinor and BP for the Bay du Nord offshore oil project. Energy NL is excited for the opportunities the project will provide its members in the supply chain for decades to come.
“Bay du Nord is a generational project. It will set the standard that future energy projects around the world will be judged by. The signing of a benefits agreement between the Government of Newfoundland and Labrador and Equinor and BP is a major hurdle overcome and significant milestone on the path to project approval. I want to thank the Government of Newfoundland and Labrador, led by Premier Tony Wakeham and Minister of Energy and Mines Lloyd Parrott, for so quickly into their term achieving this benefits agreement and setting the Bay du Nord project up for success.
“The Government of Canada has also committed to assuming responsibility for Bay du Nord related United Nations Convention of the Law of the Sea payments and Prime Minister Mark Carney must be thanked for recognizing the importance of this project to our province and country.
“Energy NL welcomes this benefits agreement as it sets out the expectations for work to occur in Newfoundland and Labrador, including engagement of Energy NL members in the local supply chain. Energy NL members have decades of experience in offshore Newfoundland and Labrador and beyond that will greatly enhance the planning, construction, and operation and maintenance of the project and ensure it is a long-term success.
“Equinor and BP have demonstrated a keen desire to move Bay du Nord forward, and notably for Energy NL members, have shown they understand the importance of the local supply chain playing a key role in the life cycle of the project. Given the significant volumes of oil, the world-class supply chain here, and the global need for lower-carbon energy, I am confident this project will move through the next stages of Equinor’s and BP’s decision-making processes and proceed. We look forward to working with Equinor, BP, BW Offshore, and Subsea Integration Alliance to prepare the supply chain for participation in Bay du Nord and helping the project through the partner’s Decision Gate Two and Financial Investment Decision processes.”
• Charlene Johnson, Energy NL CEO
The Government of Newfoundland and Labrador and partners Equinor and BP announced the benefits agreement at a signing ceremony in St. John’s which Energy NL was pleased to attend. Specific information on the agreement as released by the signatories can be found here.
Energy NL represents over 500 member organizations worldwide which are involved in the energy sector. Members are active in all areas of the supply and service sector and include a diverse representation of businesses that range from offshore supply vessels and helicopters, carbon reduction and sustainable technologies, health and safety equipment and training, engineering solutions and fabricators to law firms and human resource agencies.
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Media contact:
Ken Morrissey, Chief Strategy & Communication Officer
Mobile: 709-725-5172 |[email protected]| @WeAreEnergyNL
