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A top BP executive believes the US$9.4 billion Bay du Nord oil project offshore Newfoundland & Labrador, Canada is a “fantastic” asset in a province that could be evolve into another US Gulf of Mexico. In June, the supermajor acquired a 35% stake held by Cenovus in the Equinor-operated deepwater, frontier development, building on its interests in two discoveries set to be tied back to floating production, storage and offloading vessel at Bay du Nord. Murray Auchincloss, BP’s chief financial officer, told analysts late last week: “We are very excited about Bay du Nord – a fantastic discovery … a lovely reservoir.” “We are looking forward to opening that up. I think maybe we’ll describe (Bay du Nord) as another hub in an extended Gulf of Mexico over time.” Auchincloss added: “We are happy to take the 35% interest in that (asset) and (to) work with the operator Equinor.” Equinor spuds Canada exploration probe fresh from wrapping up appraisal well However, with the acquisition yet to conclude – completion is targeted this quarter – he was unable to provide granularity. “We’ll talk to you more about it once we close because then we can actually say stuff; right now, […]
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