{"id":130261,"date":"2025-09-09T03:15:07","date_gmt":"2025-09-09T03:15:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/130261\/"},"modified":"2025-09-09T03:15:07","modified_gmt":"2025-09-09T03:15:07","slug":"bay-du-nord-oilfield-and-quebec-energy-deal-can-boost-economy-carney-says","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/130261\/","title":{"rendered":"Bay du Nord oilfield and Quebec energy deal can boost economy, Carney says"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

Prime Minister Mark Carney praised Equinor\u2019s Bay du Nord oil project and a proposed energy deal between Hydro-Qu\u00e9bec and Newfoundland several times as he spoke to reporters in St. John’s.Paul Daly\/The Canadian Press<\/p>\n

A proposed offshore oilfield and a hydroelectricity deal with Quebec are two major projects in Newfoundland and Labrador that can increase the competitiveness of Canada\u2019s economy, Prime Minister Mark Carney<\/a> said Monday in St. John\u2019s, N.L.<\/p>\n

Provinces are eager for their infrastructure and energy projects<\/a> to be included on Carney\u2019s list of what he calls \u201cnation-building projects\u201d that would get accelerated approvals from the federal government \u2013 and Newfoundland and Labrador is no exception.<\/p>\n

Alongside Carney at Monday\u2019s news conference, Premier John Hogan pitched Equinor\u2019s Bay du Nord oil project and a proposed energy deal between Hydro-Qu\u00e9bec and Newfoundland and Labrador Hydro as ideal candidates.<\/p>\n

Carney praised both several times as he spoke to reporters in Canada\u2019s easternmost capital city.<\/p>\n

\u201cI\u2019m so proud of the progress that\u2019s been made \u2026 between Newfoundland and Labrador and Quebec,\u201d Carney said.<\/p>\n

Manitoba sees opportunity in the Port of Churchill. Industry experts aren\u2019t sold<\/a><\/p>\n

Carney appoints former Trans Mountain head to lead major projects office<\/a><\/p>\n

The prime minister was in St. John\u2019s to announce that $80 million of his government\u2019s $1-billion tariff relief fund would be earmarked for businesses in Atlantic Canada. The funding will be administered by the Atlantic Canada Opportunities Agency, and available to sectors including manufacturing, technology and the seafood industry.<\/p>\n

\u201cFor example: developing innovative packaging and product formats,\u201d the prime minister said. \u201cThink, in food processing and fishery, vacuum-sealed lobster tails or flash-frozen crab clusters tailored for high-demand European markets.\u201d<\/p>\n

China has hit Canada\u2019s seafood industry with punishing tariffs in retaliation for Canada\u2019s 100-per-cent levies on Chinese electric vehicles. The U.S., meanwhile, has hit Canada with tariffs on products such as steel and aluminum.<\/p>\n

It\u2019s in response to the trade war with the U.S. that Carney is hoping to accelerate major infrastructure and energy projects across the country as a way to boost the economy.<\/p>\n

Carney also said the federal government is \u201cworking through the compensation\u201d for people in Newfoundland who lost their homes to wildfires this summer. A fire in May near Adam\u2019s Cove destroyed about a dozen homes, and another one in August burned down nearly 200 structures in the same region.<\/p>\n

\u201cWe\u2019re making huge investments in our satellite detection, which is helping us to move quickly, and our capacity to move quickly in any part of this country in order to limit the damage from the wildfires,\u201d he said. \u201cThat\u2019s everything from those first responders, our firefighters, to our water bomber capacity.\u201d<\/p>\n

Mark Carney says the federal government is \u201cworking through\u201d compensation for people who lost their homes to wildfires in Newfoundland and Labrador.<\/p>\n

The Canadian Press<\/p>\n

Carney would not say Monday how Canada is planning to adjust its climate change targets, after recent policy announcements dialled back some of the Trudeau government\u2019s climate initiatives. \u201cWe see becoming low-carbon in any industry as being a key driver of competitiveness,\u201d Carney said, adding he\u2019d have more to share in the coming weeks.<\/p>\n

He said Equnior\u2019s proposed Bay du Nord project, off the east coast of St. John\u2019s, is intended to be \u201cone of the lowest-carbon new oilfields, depending on how you develop it.\u201d<\/p>\n

\u201cSo we look at that as a way of being competitive in conventional energy,\u201d he said.<\/p>\n

The federal government gave Bay du Nord environmental approval in 2022, drawing sharp criticism from environmentalists. Equinor announced in 2023 it was putting the project on hold for up to three years as it looked for ways to make it more affordable.<\/p>\n

Newfoundland and Labrador Hydro\u2019s pending deal with Hydro-Qu\u00e9bec will create clean power and drive competitiveness, Carney said. The two utilities signed a memorandum of understanding in December that would end a 1969 contract that allowed Hydro-Qu\u00e9bec to buy the majority of the energy produced by the Churchill Falls power plant in Labrador for rock-bottom prices.<\/p>\n

Under the new draft arrangement, Hydro-Qu\u00e9bec would pay much more for power: about $33.8 billion over the next 50 years. The two utilities would also partner on new developments along the Churchill River.<\/p>\n

The provincial Opposition Progressive Conservatives have said the draft deal needs to be independently reviewed by a third party, and they walked out of the legislature earlier this year before the Liberal government voted to begin negotiations of final agreements.<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: Prime Minister Mark Carney praised Equinor\u2019s Bay du Nord oil project and a…\n","protected":false},"author":2,"featured_media":130262,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-130261","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-business","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/130261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=130261"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/130261\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/130262"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=130261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=130261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=130261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}