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Equinor hires drill rig to keep looking for oil off Newfoundland's east coast

The move comes amid some uncertainty about the future of the Bay du Nord project.

Move comes amid Bay du Nord uncertainty

The Canadian Press ·
An aerial view of the drill rig Hercules, when it was anchored in the waters off Bay Bulls on Newfoundland's southern shore.
The Hercules semi-submersible drill rig will explore the Flemish Pass Basin in 2024. (Danny Arsenault/CBC)

Norwegian energy giant Equinor has hired a drilling rig to look for more oil off the coast of Newfoundland.

Equinor says the Hercules semi-submersible rig will begin exploring next year in the Flemish Pass Basin, about 500 kilometres east of St. John's.

The company said in May it was pausing its plans to develop the Bay du Nord offshore oil project in the same area, casting a pall over the future of oil and gas in the province.

Take a look at Equinor's Hercules drilling rig

1 year ago
Duration 1:17
The Hercules semi-submersible rig will begin exploring the Flemish Pass Basin, about 500 kilometres east of St. John's, next year.

At the time, Equinor said it was still assessing plans to keep exploring for more oil in that region of the North Atlantic.

The company said Monday the drilling is part of its plans to "optimize" the Bay du Nord project and make it more financially feasible.

Newfoundland and Labrador's offshore oil regulator said earlier this year that about 979 million barrels of recoverable oil had been discovered in the Bay du Nord area.

A map of a section of ocean.
The Bay du Nord project, located some 500 kilometres east of St. John's, actually comprises six oil discoveries. Once in operation, it will become the fifth producing oil field in the province's offshore industry, and the first in the Flemish Pass Basin. (Equinor)

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