Equinor signs deal for Shell to buy 30% stake in Bay du Nord project offshore Canada
EQNR•Equinor signed a deal for Shell to buy a 30% stake in the Bay du Nord project offshore Newfoundland and Labrador. Equinor will retain 70% and remain operator; the project’s initial phase is estimated to hold more than 400 million barrels of recoverable resources, with investment of about CAD 14 billion.
1. Project partnership
Equinor signed a deal for Shell to buy a 30% stake in Bay du Nord, while Equinor will retain 70% and remain operator. The partners are targeting a final investment decision in early 2027 as the project completes front-end engineering and design for a floating production, storage and offloading vessel-led development with subsea tiebacks.
2. Development estimates
The initial phase is estimated to contain more than 400 million barrels of recoverable resources, with investment estimated at about CAD 14 billion. First oil is expected in 2031, subject to market conditions, regulatory approvals and internal decision processes.
