![Equinor’s $5.2b Deepwater oil project](https://cdn.energydais.com/media/images/news/144_vr2jdf7.jpg)
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Norwegian oil giant, Equinor has entered into an agreement with Canadian provinces for $5.2b to carry out a deepwater oil project offshore Canada’s east coast. The provinces of Newfoundland and Labrador are acquiring a 10% equity stake in the Bay du Nord project, expected to possess over 300 million barrels of high-quality crude oil. The project is estimated to generate $10.7b in economic activity and $2.7b in government revenues.