Offshore Reboot: finally reason for optimism

Posted on September 02, 2022 | By Elizabeth Whitten | 0 Comments

 

Submitted Photo, Pangeo SubSea

 

After several tough years, offshore service and supply companies finally have reason for optimism.

Newfoundland and Labrador’s offshore oil and gas industry recently got some positive news: an environmental assessment approval from the Canadian government has paved the way for Norwegian energy giant Equinor to launch its Bay du Nord megaproject. On top of that, in May it was announced the West White Rose project (an expansion of the White Rose oilfield in the Jeanne d’Arc Basin that was launched by Husky Energy but has since been acquired by Cenovus) was back on track after a two-year pause. This comes after several rough pandemic years. Not surprisingly, local businesses that serve and supply these projects are buoyed by the developments.

 

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