Equinor acquired BP’s entire interest in the Bay du Nord project. The transaction makes the Norwegian energy company the sole owner. This deepwater development sits approximately 500 kilometers offshore Newfoundland, Canada. The move grants Equinor 100% ownership and increased operational flexibility. Both companies declined to disclose the financial terms of the deal.
BP sold the stake to simplify its portfolio and prioritize higher-return ventures. Equinor expects to reach a final investment decision for the project by early 2027. The development has resumed front-end engineering and design work after a previous pause.