Ottawa agrees to cover Bay du Nord oil project’s UN fees, which could hit $1B – CBC

Mar 05, 2026

Bay du Nord would be Canada’s first deepwater oil installation

The Canadian government has agreed to cover fees for a proposed deepwater oil project that could come due under a United Nations convention, drawing the ire of environmental groups who say taxpayers shouldn’t be subsidizing oil companies.

Federal Fisheries Minister Joanne Thompson confirmed the commitment Tuesday night at an event announcing Newfoundland and Labrador’s benefits arrangement with Norwegian energy company Equinor for its Bay du Nord offshore oil development.

Bay du Nord would be Canada’s first deepwater oil installation, and the first outside the country’s exclusive economic zone — a term defined by the United Nations Convention on the Law of the Sea, or UNCLOS.

Read More: https://www.cbc.ca/news/canada/newfoundland-labrador/ottawa-bay-du-nord-9.7115558