“Equinor Acquires 30% Stake in Bay du Nord Oil Project”

Norway’s Equinor has finalized a deal with Shell for the acquisition of a 30% stake in the proposed Bay du Nord oil project situated off the coast of Newfoundland. Equinor will maintain a 70% operating interest in what is slated to be Canada’s inaugural deepwater oil endeavor. This agreement follows British oil major BP’s announcement three months ago regarding the sale of its 37.2% interest in the project. Equinor is anticipated to make a decision on proceeding with the $14 billion Bay du Nord development in early 2022. Philippe Mathieu, an executive at Equinor, expressed in a news release that the collaboration with Shell fortifies the project as it advances towards the final investment decision. Bay du Nord is projected to be located around 500 kilometers east of St. John’s, N.L., making it the farthest offshore oil project from shore globally.