Equinor Acquires BP's Stake in Bay du Nord Project Offshore Canada

Norwegian energy company Equinor has signed an agreement to acquire BP's stake in the Bay du Nord offshore oil project off the coast of Newfoundland and Labrador, Canada. The transaction will increase Equinor's control over the project. Bay du Nord has the potential to be Canada's first deepwater oil field and is operated by Equinor. Under the deal, Equinor will take over BP's 35% stake, raising its total interest in the project to 85%. The remaining 15% stake will be held by Canada-based Cenovus Energy. Equinor stated that the acquisition will strengthen its presence in Canada and accelerate the development of Bay du Nord. The project aims to start first oil production in 2028 and is expected to have a production capacity of approximately 200,000 barrels per day. BP, meanwhile, aims to optimize its portfolio and focus on more profitable projects through this sale. The company decided to exit Bay du Nord while retaining its other assets in Canada. Financial details of the agreement were not disclosed, and the transaction is expected to close in 2025. This is not investment advice.