bp has agreed to sell its non-operated interest in the Bay du Nord project offshore Newfoundland and Labrador, Canada, to Equinor.

The transaction is consistent with bp’s continued focus on portfolio simplification and disciplined capital allocation.

Gordon Birrell, executive vice president, Upstream, said: “We’re proud of our partnership with Equinor and the work we’ve done together to develop the Bay du Nord project. However, bp is exercising strict capital discipline, allocating it to the opportunities that create the most value for bp.”

bp will work with Equinor and relevant stakeholders to support the orderly transfer of its interest.

Notes:

  - Bay du Nord is located in the Flemish Pass Basin, approximately 500 kilometres offshore Newfoundland and Labrador.
  - bp holds interests across 10 licences associated with the Bay du Nord project, representing an average working interest of 37.212%. Equinor is the operator.
  - The transaction is subject to customary conditions and approvals. Related accounting impacts will be communicated as part of bp’s second quarter results.
  - bp will continue to hold 100% interest in two exploration licenses offshore Newfoundland and Labrador (EL 1166 and 1170).
  - Reportable segments for external financial reporting under International Financial Reporting Standards will remain OP&O, GLCE and C&P until 31 December 2026 as the financial reporting aspects of the new segment model will take time to implement. The new model for external reporting purposes will take effect from the financial year beginning 1 January 2027. Further details will be provided in due course.

About bp

bp (NYSE: BP, LSE: BP.L) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.

About Equinor

Equinor ASA is an international energy company headquartered in Norway. The company employs around 21,000 people worldwide. Equinor is already one of the world's most CO2-efficient producers of oil and gas. Equinor leverages strong synergies between oil, gas, renewables, carbon capture and hydrogen. Equinor participates in a consortium that has started the construction of the Northern Lights project, the world’s first full-scale and open-source CO2 transportation and storage project. The company has a growing portfolio in offshore wind with wind farms in Europe and the USA and is involved in various hydrogen projects throughout Europe.