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Dutch geo-data specialist Fugro has won a contract to perform surveys for an oil project located off the coast of Newfoundland and Labrador being developed by Norwegian state-owned energy firm Equinor. In its financial results for the first quarter of 2025, issued today, April 24, Fugro reported that it was recently appointed to deliver deepwater geophysical and environmental surveys for Equinor’s $12 billion oil project Bay du Nord, offshore eastern Canada. The activities will be performed this summer and will see autonomous underwater vehicle (AUV) technology utilized. Following delays, Equinor received approval from the Canadian government to develop the Bay du Nord project in April 2022. The project, situated in the Flemish Pass basin approximately 500 kilometers northeast of St. John’s, was put on a shelf for three years in 2023 because of the rise in costs. The final investment decision (FID) is expected in the next couple of years and the first oil as early as late 2028. While Newfoundland and Labrador’s offshore oil sector is already seen as one of the lowest-emitting in the country, Bay du Nord was approved with the historic requirement to reach net-zero emissions by 2050. Like all other oil- and gas-producing provinces, Newfoundland and Labrador implements a price on industrial carbon emissions via its provincial output-based pricing system. Equinor started the ball rolling at the beginning of this year for the oil project by awarding preliminary front-end engineering design (pre-FEED) work to BW Offshore and Altera Infrastructure. Fugro’s other recent project awards In the Americas region, Fugro was also recently appointed to perform geotechnical investigations to support floating LNG development for Southern Energy in Argentina’s Gulf of San Matias, and secured two contracts to provide remotely operated vehicle (ROV) services from Amaralina Star and Tidal Action vessels for Brazilian offshore company Constellation. |
