BP exits Canada’s Bay du Nord offshore project, transferring its 37.2% stake to Equinor for undisclosed terms.
BP has agreed to sell its 37.2% interest in the Bay du Nord oil project offshore Newfoundland and Labrador to Equinor, making the Norwegian firm the sole owner. Financial details of the transaction were not disclosed.
The Bay du Nord project, located in deepwater offshore Canada, has faced regulatory and environmental scrutiny. BP’s exit follows a broader strategy shift toward renewable energy investments, though the company remains active in select oil and gas projects globally.
Equinor, already a majority stakeholder, now holds full control of the project, which is expected to produce up to 200,000 barrels of oil per day at peak output.