Canada Canada approves N.L.’s Bay du Nord deepwater oil project
N.L. oil and gas still has a future following release of federal emissions plan, minister says
The federal plan, announced by Prime Minister Justin Trudeau on Tuesday, leans on heavy cuts to the electricity, oil and gas and transportation sectors — all in the hopes of cutting emissions by at least 40 per cent by 2030. The plan also includes nearly $2-billion in funding to be directed to the province's future fund, which will help workers in the oil sector upgrade or gain new skills to be on the leading edge of the future zero-carbon industry.
The federal government has approved theoff the coast of Newfoundland and Labrador — Canada's first deepwater project to produce oil.
Federal Environment Minister Steven Guilbeault made the announcement Wednesday following a four-year assessment conducted by the Impact Assessment Agency of Canada.
The Agency'sdetermined the project is "not likely to cause significant adverse environmental effects when mitigation measures are taken into account," .
Washington announces a third series of missile penalties of North Korea
© AP This photo published by the North Korean government shows what is presented as the trial shot of an intercontinental ballistic missile Hwasong-17 (ICBM), in a secret place, in North Korea, March 24, 2022.
"The federal government concurs with the recommendation of the Impact Assessment Agency of Canada. As a result, the Bay du Nord Development Project may proceed, subject to some of the strongest environmental conditions ever, including the historic requirement for an oil and gas project to reach net-zero emissions by 2050," Guilbeault said in a statement.
The Bay du Nord project consists of several oil discoveries in the Flemish pass basin, some 500 kilometres northeast of St. John’s in Newfoundland and Labrador,, which operates the project.
The company says Bay du Nord will be worth about $3.5 billion to the Newfoundland and Labrador government, with oil production beginning in the latter part of the decade.
U.N. report on climate change 'sobering,' says Environment Minister Steven Guilbeault
OTTAWA — Environment Minister Steven Guilbeault says a new report from the United Nations' climate agency shows the oil and gas sector "cannot do business as usual" even as the government is still considering approving a massive new offshore oil production project. The Intergovernmental Panel on Climate Change urges more aggressive cuts to greenhouse-gas emissions to limit global warming to the 1.5 C targeted in the 2015 Paris Accord. U.N.The Intergovernmental Panel on Climate Change urges more aggressive cuts to greenhouse-gas emissions to limit global warming to the 1.5 C targeted in the 2015 Paris Accord.
Bay du Nord would be Canada's first deepwater project to produce oil, with wells in about 1,200 metres of water pumping around 188,000 barrels of oil a day.
Equinor's Bay du Nord project is expected to produce around 300 million barrels of oil over its lifetime.
Under the agreement with the federal government, Equinor is legally required to reduce greenhouse gas emissions (GHGs) and measures to protect fish and fish habitat, migratory birds, species at risk, air quality, human health and Indigenous peoples' use of resources.
The Bay du Project project will produce five times less emissions than the average Canadian oil and gas project and 10 times less than the average project in the oil sands, IAAC said.
However, the announcement was met with skepticism from climate activists in the country.
Caroline Brouillette, national policy manager at Climate Action Network Canada, said the government's approval of a new fossil infrastructure for the first time since 2019 "is nothing less than heartbreaking".
"Prime Minister Justin Trudeau is doubling down on the myth that Canada can be a climate leader while continuing to produce and export vast amounts of climate-destroying fossil fuels," she told Global News in an email.
"The longer he postpones being honest with Canadians about the incompatibility of increased oil production and a climate-and jobs- safe future, the rougher the awakening will be.
"Today’s decision is a failure of courage."
— with files from The Canadian Press
NFL mock drafts 2022: Compare latest from Mel Kiper, Daniel Jeremiah, Todd McShay, other experts .
NFL mock drafts 2022: Compare latest from Mel Kiper, Daniel Jeremiah, Todd McShay, other expertsWith the NFL cooling off from free agency before it reheats for the 2022 NFL Draft, the constant shuffling of the top of the board continues. With no surefire No. 1 overall pick, few analysts and experts agree on who could be the top selection, or any of the top five picks, or even 10.