Norway’s Equinor has finalized a deal with Shell, selling a 30% stake in the proposed Bay du Nord oil project off the coast of Newfoundland. Equinor will retain a 70% operating interest in the project, marking Canada’s first deepwater oil development.
This agreement follows BP’s announcement three months ago of their decision to sell their 37.2% interest in the project. Equinor is set to make a decision on proceeding with the $14-billion Bay du Nord development in early 2023.
Philippe Mathieu, an executive at Equinor, expressed in a news release that the partnership with Shell will bolster the project as it nears the final investment decision. The Bay du Nord project is situated approximately 500 kilometers east of St. John’s, Newfoundland, making it the farthest offshore oil project globally.
For more updates on CBC Newfoundland and Labrador, download the free CBC News app, subscribe to push alerts, and access the daily headlines newsletter. Visit the CBC Newfoundland and Labrador landing page for additional information.
