Norway’s Equinor has finalized a deal with Shell to acquire a 30% stake in the proposed Bay du Nord oil project located off the coast of Newfoundland. Equinor will maintain a 70% operating interest in the project, marking it as Canada’s inaugural deepwater oil endeavor.
This agreement follows British oil magnate BP’s recent announcement of divesting its 37.2% interest in the project approximately three months ago. Equinor is poised to make a decision on advancing the $14 billion Bay du Nord development in early next year.
Philippe Mathieu, an executive at Equinor, highlighted in a press release that the collaboration with Shell bolsters the project as it progresses towards the final investment determination. The Bay du Nord project is situated around 500 kilometers east of St. John’s, N.L., making it the most distant offshore oil project globally from the shore.
