Norwegian energy company Equinor has finalized a deal with Shell to sell a 30% stake in the Bay du Nord oil project off the coast of Newfoundland. Equinor will retain a 70% operating interest in the project, marking the first deepwater oil development in Canada. This agreement follows BP’s announcement three months ago that it would sell its 37.2% interest in the project.
The $14-billion Bay du Nord development is expected to be decided on by Equinor early next year. Philippe Mathieu, an executive at Equinor, highlighted that the new partnership with Shell bolsters the project as it progresses towards the final investment decision. Bay du Nord is situated approximately 500 kilometers east of St. John’s, Newfoundland, making it the farthest offshore oil project globally from the shore.
