Companies Equinor ASA FollowBp Plc FollowWINNIPEG, Manitoba, May 31 (Reuters) - Norway's Equinor ASA (EQNR.OL) said on Wednesday that it will postpone its Bay du Nord Canadian offshore oil project for up to three years, due to rising costs.
Ottawa backed Bay du Nord saying that it would produce relatively low emissions.
"Bay du Nord is an important project for Equinor.
"The (Bay du Nord) economics are positive but if you play around with costs and risk more, it's not going to be the best opportunity in their portfolio," he said.
Bay du Nord would be so far from shore - 500 kilometers (311 miles) - that it falls in international waters.
Persons:
Justin Trudeau's, ”, Trond Bokn, Equinor's, Equinor, Newfoundland & Labrador Premier Andrew Furey, it's, Mark Oberstoetter, Wood Mackenzie, Rod Nickel, Nia Williams, Marguerita Choy
Organizations:
ASA, Bp, Equinor ASA, Ottawa, Newfoundland & Labrador Premier, BP, Wood, Sierra Club Canada, Columbia, Thomson
Locations:
WINNIPEG , Manitoba, du Nord Canadian, Bay, Nord, Newfoundland, Norway, Brazil, Winnipeg , Manitoba