Win-win situations are hard to come by these days, but Canada has a significant option on hand that will spur economic growth while advancing the transition to net zero in the oil and gas sector.
Bay du Nord includes industry leading innovations in production and environmental mitigations, as well as in employee safety. It would be the most carbon efficient offshore oil and gas project in Canada, with an emission intensity of fewer than 8.0 kilograms per barrel and also half of the international average of 16.1 kilograms per barrel.
A new study of the project’s economic impact, based on the production of one billion barrels, estimates that Bay du Nord would boost Canada’s GDP by $97.6 billion and create or sustain 13,800 jobs. And most of these jobs would offer above-average wages, according to the study.