Equinor’s flag flutters subsequent to the corporate’s headqurters in Stavanger, Norway December 5, 2019. REUTERS/Ints Kalnins
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May 11 (Reuters) – Environmental groups are suing the Canadian authorities in a bid to overturn its approval of Equinor ASA’s (EQNR.OL) large Bay du Nord offshore oil project, Sierra Club Canada, one of many plaintiffs, introduced on Wednesday.
The Canadian authorities permitted the $12 billion Bay du Nord project in April, after an environmental evaluation concluded it might not trigger important adversarial results. learn extra
The project entails constructing a floating platform to drill an estimated useful resource of as much as 1 billion barrels within the Atlantic Ocean, about 500 km (310 miles) off the coast of Canada’s Newfoundland and Labrador province.
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Environmental groups slammed the approval and Sierra Club and Équiterre, represented by Ecojustice, filed a lawsuit on May 6 in search of to overturn the choice.
Sierra Club spokeswoman Gretchen Fitzgerald mentioned the lawsuit argues that federal Environment Minister Steven Guilbeault failed in his obligation to contemplate the worldwide impression of climate-warming carbon emissions generated by Bay du Nord.
“Approving a new oil project that will emit that much greenhouse gas emissions and contributes to the climate emergency will certainly go beyond international boundaries,” Fitzgerald mentioned.
Earlier on Wednesday she addressed shareholders at Equinor’s annual normal assembly in Stavanger, Norway, urging them to cancel the project.
Equinor mentioned it’s targeted on working with companions and native authorities to mature the project in the direction of a last funding resolution. Canada’s Cenovus Energy (CVE.TO) holds a 35% stake in Bay du Nord.
“We strongly believe that this can be an important project with high value creation, a low carbon footprint and strong economic value for the region,” an Equinor spokesperson mentioned.
Canada is the world’s fourth-largest crude producer and Prime Minister Justin Trudeau’s Liberal authorities is favouring oil initiatives with decrease carbon emissions per barrel to assist meet its local weather targets. Equinor says Bay du Nord would be the lowest carbon-intensity oil project in Canada. learn extra
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Additional reporting by Nerijus Adomaitis in Oslo
Editing by Marguerita Choy
Our Standards: The Thomson Reuters Trust Principles.
Environmental groups sue Canada over Bay du Nord oil project approval & More Latest News Update
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