Entire Newfoundland and Labrador towns hoping for a deal to be struck for the Terra Nova oilfield are breathing easier Thursday after an agreement in principle was announced Wednesday. Torbay Mayor Craig Scott told CBC Radio’s St. John’s Morning Show he has spoken with oil industry workers in the town who are struggling to make […]
ST. JOHN’S, N.L. — The operator of the Terra Nova offshore oil project says it and other stakeholders have reached an agreement in principle to restart the project, potentially saving hundreds of jobs in Newfoundland and Labrador. The announcement came in a Wednesday-evening news release from Suncor Energy, which said says there is an agreement […]
Equinor has confirmed plans to install a massive new floating production, storage and offloading vessel offshore eastern Canada to exploit several oil discoveries in the prolific Flemish Pass basin. Upstream reported two weeks ago that the Norwegian operator has revamped its Bay du Nord project in Newfoundland & Labrador after discovering major new reserves last […]
The fate of the Terra Nova Project should be known by the end of today. Suncor, the lead operator, had set today as the deadline for the seven partner companies to align on a restart plan. As of late last night, Suncor would only say there will be a statement once a decision is made. […]
The union representing offshore workers rallied outside Confederation Building in St. John’s on Monday morning, as an emergency debate about the future of the Terra Nova oilfield was being held in the House of Assembly. Suncor Energy, the lead oil company in the project, is expected to announce Tuesday whether the owners will press forward […]
The following municipalities from the North East Avalon are calling on all the partners in industry and government to invest in our people, our industry and our communities by coming to a resolution that will see the Terra Nova project move into its new life of productivity. The offshore industry has been integral to our […]
The province’s energy minister is reacting with cautious optimism to recent reports about Bay du Nord indicating the field could contain some one-billion barrels of oil. Andrew Parsons could not speak to any details as Equinor has been “keeping their cards very close,” but says he’s happy to hear there is significant potential in the […]
Equinor is working on a massive transformation of its stalled Bay du Nord oil project off Newfoundland, Canada where reserves have tripled in size after last year’s major discoveries at Cambriol and Cappahayden and now stand at close to 1 billion barrels. Upstream understands that engineers are pulling together a phased development plan for the […]
ST. JOHN’S, N.L. — Briefing notes obtained by the Official Opposition through an access to information request show the provincial government appears to have gone against its own advice in negotiations with Suncor Energy and its partners in the Terra Nova project by offering to take up to a 15 per cent equity stake in […]
The most vexing challenge for service companies in the geosciences sector is predicting the ebb and flow of oil company spending on exploration that provides the lifeblood of the business. How much, when and where are the questions that determine their strategies. Any answer, however well researched, is at best a guess, even when coming […]
