The acquisition of bp’s 40% stake gives Equinor 100% ownership of a 400 million barrel development offshore Canada.
Equinor has agreed to acquire bp’s non-operated 40% stake in the Bay du Nord offshore oil project in Canada’s Flemish Pass basin. The deal will make Equinor the sole owner and operator of the development, pending regulatory approvals and standard closing conditions. Financial terms were not disclosed.
The project targets over 400 million barrels of recoverable oil in water depths of 600m to 1,170m. A phased subsea development tied to a floating production vessel is planned, with additional discoveries and tieback potential included in the broader basin strategy.
Equinor’s exploration and production executive stated the acquisition reflects confidence in the project’s improved business case and reduced risks as it moves toward a final investment decision. BP retains interests in ten related licenses.