Norway’s Equinor has finalized a deal with Shell to acquire a 30% stake in the planned Bay du Nord oil venture located off the Newfoundland coast. Equinor will maintain a 70% operational interest in the project, set to be Canada’s inaugural deepwater oil endeavor. This development follows BP’s recent announcement of selling its 37.2% share in the project.
Equinor is poised to make a decision on the $14 billion Bay du Nord initiative in the early months of the upcoming year. Philippe Mathieu, an executive at Equinor, expressed in a press release that the collaboration with Shell bolsters the project as it progresses toward the ultimate investment verdict. Bay du Nord is positioned approximately 500 kilometers east of St. John’s, Newfoundland, making it the most distant offshore oil scheme globally.
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