Equinor has reached an agreement with bp to acquire its interest in the Bay du Nord project 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.

“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
  - Investment: ~CAD $14 billion
  - Final Investment Decision: planned 2027
  - First Oil (expected): 2031

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.

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.