Equinor Partners with Shell in Bay du Nord Oil Project

Norway’s Equinor has announced a deal with Shell for the acquisition of a 30% stake in the planned Bay du Nord oil project located off the coast of Newfoundland. Equinor will maintain a 70% operating interest in the project, marking the first deepwater oil development in Canada. This agreement follows BP’s recent announcement of selling its 37.2% interest in the project. Equinor is set to make a decision on the $14 billion Bay du Nord development in early 2022. Philippe Mathieu, an executive at Equinor, stated that the partnership with Shell enhances the project as it progresses towards the final investment decision. Bay du Nord is situated approximately 500 kilometers east of St. John’s, N.L., making it the farthest offshore oil project from shore globally.