Equinor acquires bp’s interest in Bay du Nord project

06 Jul Equinor acquires bp’s interest in Bay du Nord project

London, (Oilandgaspress) – Equinor has reached an agreement with bp to acquire its interest in the Bay du Nord project offshore Canada, increasing Equinor’s ownership to 100%.

The transaction reflects bp’s ongoing portfolio simplification and provides Equinor with increased flexibility to continue maturing the project towards final investment decision (FID) planned for early 2027.
Bay du Nord is located in the Flemish Pass basin, approximately 500 kilometres offshore Newfoundland and Labrador. The development concept is based on a floating production, storage and offloading vessel (FPSO) with subsea tiebacks and broader resource potential across the basin.

The project has advanced to front-end engineering and design (FEED), with continued work focused on strengthening capital efficiency, execution planning, and overall project robustness. Constructive engagement with provincial and federal governments has supported progress through key milestones and will remain important as the project continues to advance.

Equinor will continue maturing the project towards a final investment decision, currently targeted for early 2027, subject to market conditions, regulatory approvals and internal approvals.

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