«Over the past few years, we have strengthened Bay du Nord by improving the business case and reducing key risks. This transaction reflects our confidence in the project as we continue maturing it towards a final investment decision. We will seek opportunities to bring in partners as part of the project's further development», said Philippe Mathieu, Executive Vice President for Exploration and Production International.
Equinor will continue maturing the project towards a final investment decision, currently targeted for early 2027, subject to market conditions, regulatory approvals and internal approvals.
bp will continue to hold 100% interest in two exploration licenses offshore Newfoundland and Labrador (EL 1166 and 1170).
About Bay du Nord
- Bay du Nord is located in the Flemish Pass Basin, approximately 500 kilometres offshore Newfoundland and Labrador;
- it was discovered in 2013;
- water depth: 600–1,170 metres;
- bp holds interests across 10 licences associated with the Bay du Nord project, representing an average working interest of 37.212%;
- Equinor is the operator;
- estimated recoverable resources (initial phase): >400 million barrels of oil
- investment: ~CAD $14 billion
- first oil is expected in 2031.
The project has advanced to front-end engineering and design (FEED), with continued work focused on strengthening capital efficiency, execution planning, and overall project robustness. Constructive engagement with provincial and federal governments has supported progress through key milestones and will remain important as the project continues to advance.
