Equinor announced that it has reached an agreement with bp to acquire its interest in the Bay du Nord project offshore Canada. The transaction will increase Equinor’s ownership in the project to 100%.
The deal reflects bp’s ongoing portfolio simplification. For Equinor, the acquisition provides greater flexibility as it continues maturing Bay du Nord toward a final investment decision.
Bay du Nord is located in the Flemish Pass basin, about 500 kilometers offshore Newfoundland and Labrador. The development concept is based on a floating production, storage, and offloading vessel with subsea tiebacks.
The project also has broader resource potential across the basin. Equinor said the project has advanced to front-end engineering and design, with ongoing work focused on improving capital efficiency, execution planning, and overall project robustness.
Equinor has worked to strengthen Bay du Nord over the past few years by improving the business case and reducing key risks. The company also said constructive engagement with provincial and federal governments has supported progress through important milestones.
Equinor plans to continue maturing the project toward a final investment decision, currently targeted for early 2027. The decision remains subject to market conditions, regulatory approvals, and internal approvals.
The company also said it will seek opportunities to bring in partners as part of the project’s further development. This could help support the next phase of Bay du Nord as Equinor advances the project toward potential development.
KEY QUOTE:
“Over the past few years, we have strengthened Bay du Nord by improving the business case and reducing key risks. This transaction reflects our confidence in the project as we continue maturing it towards a final investment decision. We will seek opportunities to bring in partners as part of the project’s further development.”
Philippe Mathieu, Executive Vice President for Exploration and Production International at Equinor
