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by Stockwatch Business Reporter

West Texas Intermediate crude for May delivery lost 20 cents to $96.03 on the New York Merc, while Brent for June lost 49 cents to $100.58 (all figures in this para U.S.). Western Canadian Select traded at a discount of $12.51 to WTI, down from a discount of $12.45. Natural gas for May added 33 cents to $6.36. The TSX energy index added 4.15 points to close at 227.24.

The Canadian government has approved the $12-billion Bay du Nord oil project off the coast of Newfoundland. The project, a joint venture between Norway's Equinor and Canada's Cenovus Energy Inc. (CVE: $21.12), could produce up to 200,000 barrels a day starting in 2028. It lies 500 kilometres east of St. John's and would be the fifth offshore oil field -- and the first deepwater one -- since the Newfoundland oil industry began in the 1990s.

It has faced a long road. The project has been under review for four years, was temporarily postponed by Equinor and Cenovus in 2020 because of the COVID pandemic, and since then has seen the deadline for a decision from Ottawa postponed twice. In a statement yesterday evening, Environment Minister Steven Guilbeault said Bay du Nord can (finally) proceed, as he has determined that it would not cause "significant adverse environmental effects."

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