Equinor and partner Husky Energy have deferred the massive Bay du Nord development project off the coast of Newfoundland due to the state of the energy industry.

In a statement Wednesday, Equinor said the deferral is "to make the project more robust for low commodity prices."

"The energy industry has been impacted by the deep fall in the price of oil and the sharp economic downturn as countries scale down their activities to limit the spread of the [coronavirus]," the statement said.

According to the company's website, the project – located in the Flemish Pass – would generate $3.5 billion in revenue to the Newfoundland and Labrador government, 300 million barrels of oil, and 11,000 "person years" of employment in the province.