Oil business calls Bay du Nord approval triumph, local weather advocates condemn it

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With water depths of some 1,200 metres, Equinor’s Bay du Nord challenge will use a floating manufacturing, storage and offloading vessel, higher often called an FPSO, just like the one pictured right here on this illustration. (Equinor)

Reaction to federal approval of the Bay du Nord oil project on Wednesday ranged from triumph to condemnation, as supporters touted financial advantages whereas these opposing it decried the environmental affect of fossil gasoline emissions.

Supporters of the challenge, which embody the Newfoundland and Labrador authorities and the native oil business, say it would assist the province transition to renewable power whereas assembly persevering with world demand for oil. Meanwhile, local weather scientists and environmental activists say the challenge flies within the face of federal local weather targets and the suggestions of the Intergovernmental Panel on Climate Change.

Norwegian oil firm Equinor and its companions plan to develop the oil discipline in the Flemish Pass, about 500 kilometres east of St. John’s. With drilling to occur greater than a kilometre underwater, Bay du Nord would be the first challenge to maneuver the province’s offshore oil business into such deep waters.

Equinor plans to make use of an enormous floating manufacturing, storage and offloading vessel, generally often called an FPSO, able to producing as much as 200,000 barrels every day.

The federal authorities’s approval of the challenge follows the discharge of its local weather plan final week, which positioned a cap on emissions from the oil and fuel sector, however didn’t name for an finish to manufacturing.

Thumbs-up from oil sector

According to Equinor, the challenge will create hundreds of jobs and generate $3.5 billion in income, a gorgeous proposal for a authorities that’s billions of {dollars} in debt.

During a information convention with Newfoundland and Labrador officers on Wednesday, the president of Energy N.L. — the affiliation that represents the province’s oil and power sector — touted the deserves of the challenge, saying it could be one of many lowest carbon oil initiatives on the earth.

Charlene Johnson, the CEO of Energy N.L., mentioned the challenge will present vital financial advantages. (Ted Dillon/CBC)

“The Bay du Nord project is a critical part of our pathway to achieving a net zero energy sector while providing significant jobs and economic benefits,” Charlene Johnson mentioned. 

While it’s true that Newfoundland and Labrador’s offshore emits fewer emissions throughout extraction than different producers, extraction accounts for less than about 15 per cent of a barrel’s whole emissions. When that oil is burned for power, it produces simply six per cent much less carbon than diluted bitumen from Alberta’s oilsands.

Meanwhile, in a information launch, the Canadian Association of Petroleum Producers echoed Johnson’s assertion.

“Bay du Nord is an environmentally sound project that will provide secure, responsibly developed energy to the world,” mentioned a spokesperson.

‘We should be performed’: Environment advocates

The Intergovernmental Panel on Climate Change launched a report final week warning that the Paris Climate settlement purpose of limiting world warming to 1.5 C above pre-industrial ranges is all however out of attain. On Monday, UN Secretary General Antonio Guterres mentioned investing in new fossil gasoline infrastructure can be “moral and economic madness.”

Heather Elliott, campaigner for the Sierra Club, mentioned Bay du Nord ought to mark the tip of funding in new fossil gasoline initiatives. (Darryl Murphy/CBC)

Julia Levin, senior program supervisor at Environmental Defence, mentioned Bay du Nord will produce one billion barrels of oil, which is able to in flip produce about 400 million tonnes of carbon — the equal of working 100 coal factories for a 12 months.

“We have to take responsibility for the impacts of the oil and gas that we put into the world.”

Levin mentioned the challenge solely is smart in a world that has did not deal with the local weather disaster, and pointed to strikes by corporations and different international locations to maneuver away from fossil fuels.

“The demand for oil will plummet, and the question now is whether Canada will be prepared.”

Heather Elliott, Newfoundland and Labrador campaigner with the Sierra Club, mentioned she’s upset by the choice to approve the challenge.

“We have been told explicitly by scientists and by climate experts that we can’t keep expanding fossil fuels. Oil, gas, coal, any of it — we need to be done.”

Read more from CBC Newfoundland and Labrador


This web page was created programmatically, to learn the article in its unique location you may go to the hyperlink bellow:
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Darrell Roberts

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