As Europe seeks replacements for Russian oil, the Canadian government has withheld approval of a $12 billion supply project led by Norwegian producer Equinor ASA offshore of Newfoundland.

Canada

The Liberal federal cabinet in Ottawa in late February its second 40-day postponement for a decision on the 200,000 b/d platform planned for an Atlantic discovery known as Bay du Nord.

The cabinet said it needed further study of potential “significant adverse environmental effects” despite a favorable verdict rendered last August by the national government’s own watchdog, the Impact Assessment Agency of Canada (IAAC).

[Market Moves: What is affecting the natural gas market today? From the LNG pause to climate goals, get the latest on what is top of mind for the energy industry. Tune in...