Higher crude oil prices and rising European demand have spurred a restart of two previously shelved oil production projects in Newfoundland and Labrador.
Alberta-based Cenovus Energy Inc. and investment partner Suncor are resuming work on the West White Rose off-shore drilling platform, with estimated investment of up to $1.8 billion, while Norwegian oil and energy giant Equinor said it has won approval from federal officials in Canada for the estimated $9-billion, or more, Bay du Nord project, which will use a floating structure instead of a platform to produce, store and off-load oil.