The Government of Newfoundland and Labrador has reached new agreements with Equinor and BP to move the Bay du Nord oil project forward. Finalized on March 3, 2026, the deal is expected to create thousands of jobs and provide a major economic boost for residents across Newfoundland and Labrador.
The agreement covers how much money the province will receive from oil sales and includes an option for the province to own a 10 per cent equity stake in the project. This first phase is expected to bring in up to $6.4 billion in direct revenue for the provincial government.
To support local workers, the province plans to use a $200 million fabrication fund to help set up a large floating dry dock at Bull Arm. This facility will focus on long-term repair and maintenance jobs, helping to keep employment steady for tradespeople over the next several decades.
Partners in the project are aiming to make a final decision on the investment in 2027. If the project continues as planned, the first oil production from the site is expected to start in 2031.
Premier Tony Wakeham and Energy Minister Lloyd Parrott say the deal focuses on securing long-term stability for the province. The project is expected to involve over 31 million person-hours of work for local residents over its 25-year lifespan.
