Equinor has announced an agreement with BP to acquire its 37.2% stake in the $14B Bay du Nord project on offshore Canada, increasing Equinor’s ownership to 100%.
The transaction reflects BP’s ongoing portfolio simplification and provides Equinor with increased flexibility to continue maturing the project towards final investment decision (FID) planned for early 2027. First oil production is targeted for 2031.
“Over the past few years, we have strengthened Bay du Nord by improving the business case and reducing key risks. This transaction reflects our confidence in the project as we continue maturing it towards a final investment decision. We will seek opportunities to bring in partners as part of the project’s further development”, says Philippe Mathieu, Executive Vice President for Exploration and Production International.
Bay du Nord is located in the Flemish Pass basin, approximately 500 kilometres offshore Newfoundland and Labrador. The development concept is based on a floating production, storage and offloading vessel (FPSO) with subsea tiebacks and broader resource potential across the basin.
The project has advanced to front-end engineering and design (FEED), with continued work focused on strengthening capital efficiency, execution planning, and overall project robustness. Constructive engagement with provincial and federal governments has supported progress through key milestones and will remain important as the project continues to advance.
Equinor will continue maturing the project towards a final investment decision, currently targeted for early 2027, subject to market conditions, regulatory approvals and internal approvals.
Project facts
- Discovery: Bay du Nord 2013, Cambriol 2020
- Location: Approximately 500 km east of St. John’s, Newfoundland and Labrador
- Basin: Flemish Pass
- Water Depth: 600–1,170 metres
- Discoveries included in the initial phase: Bay du Nord and Cambriol
- Potential future tiebacks: Cappahayden, Harpoon, and Baccalieu
- Concept: Phased subsea development tied back to a floating production, storage and offloading vessel (FPSO)
- Estimated recoverable resources (initial phase): >400 million barrels of oil
(Photo of FPSO vessel from Equinor)