Canada Regulator Licenses Equinor's Offshore Oil Discovery

Friday, February 2, 2024

A Canadian offshore oil regulator said on Friday it has licensed an oil discovery by Equinor ASA off the country's coast, an area of around 14,900 hectares.

The Canada-Newfoundland and Labrador Offshore Petroleum Board (C-NLOPB) said that the oil volume from the Cambriol G-92 discovery is estimated to be 340 million barrels.

Equinor owns 60% of the discovery, and BP owns the remaining 40%, according to the license.

Early last year, C-NLOPB issued a similar license to Equinor for the Cappahayden K-67 discovery, which is estimated at 385 million barrels of recoverable oil.

(Reuters - Reporting by Seher Dareen; Editing by Shweta Agarwal)

Categories: Energy Activity North America

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