BP agreed to sell a 39% stake in its Bay du Nord offshore project to Equinor, reducing its equity exposure as the field targets first oil in 2029. The deal bolsters project financing and frees up capital for BP’s core energy development pipeline.
BP agreed to sell a 39% stake in the Bay du Nord offshore project to Equinor, reducing its equity holding to 61%. The transaction is subject to regulatory approval and closes in the coming months.
Bay du Nord, located off Newfoundland, contains an estimated 300 million barrels of recoverable oil and targets first production in 2029. BP has overseen exploration, drilling trials, and field development planning since 2018.
The divestment frees several billion dollars in capital expenditure commitments and shifts a significant portion of future development costs to Equinor. BP plans to reallocate proceeds to higher-return growth initiatives.
Partnering with Equinor mitigates project risk and strengthens financing for the field’s final investment decision. The move aligns with BP’s strategy to optimize capital allocation and focus on core energy assets.
