OSLO, July 26 (Reuters) - Norway’s oil and gas firm Equinor expects to make the final investment decision on deepwater Bay du Nord project offshore Canada in 2020, the company and Canada’s Newfoundland and Labrador province said on Thursday.
The province’s government said in a statement it has finalised a framework agreement with Equinor and its Canadian partner Husky Energy on the development some 500 kilometres off its coast.
The project, which will target nearly 300 million barrels of oil reserves, is expected to be sanctioned in 2020, with production starting in 2025, the government said in a statement.
“There is no final investment decision yet... we aim (to make the decision) in 2020,” Equinor’s spokesman in Oslo said. (Reporting by Nerijus Adomaitis Editing by Alexandra Hudson)