Equinor has agreed to acquire bp’s non-operated interest in the Bay du Nord project offshore Newfoundland and Labrador, Canada, in a transaction that will increase Equinor’s ownership to 100%.
The project is located in the Flemish Pass Basin, about 500 km offshore Newfoundland and Labrador. Equinor is the operator, while bp’s interests across 10 licenses linked to Bay du Nord represent an average working interest of 37.212%.
Bay du Nord is being developed around a floating production, storage and offloading vessel, with subsea tiebacks and additional resource potential across the basin. The project has entered front-end engineering and design, with work continuing on capital efficiency, execution planning and project robustness.
Equinor said the acquisition would give it greater flexibility as it continues to mature Bay du Nord toward a final investment decision, currently targeted for early 2027. The decision remains subject to market conditions, regulatory approvals and internal approvals.
bp said the sale is in line with its portfolio simplification and disciplined capital allocation. The company will support the transfer process with Equinor and relevant stakeholders.
The transaction is subject to customary conditions and approvals. bp said related accounting impacts will be provided with its second quarter results.
bp will retain 100% interest in two exploration licenses offshore Newfoundland and Labrador, EL 1166 and EL 1170.
