Equinor, a company based in Norway, has recently finalized a deal with Shell for the sale of a 30 percent share in the proposed Bay du Nord oil venture located off the coast of Newfoundland. Equinor will maintain a 70 percent ownership stake in the project, which is slated to become Canada’s inaugural deepwater oil development.
This agreement follows BP, a British oil corporation, announcing its decision to offload its 37.2 percent interest in the project approximately three months ago. Equinor is anticipated to make a determination on proceeding with the $14 billion Bay du Nord initiative in the early months of next year.
Philippe Mathieu, an executive at Equinor, expressed in a press release that the collaboration with Shell fortifies the project as it progresses towards the final investment verdict. The Bay du Nord project is positioned around 500 kilometers east of St. John’s, N.L., making it the most distant offshore oil project from shore worldwide.