Shell acquires 30 percent stake in Equinor Bay du Nord project

Shell Canada Energy has agreed to acquire a 30 percent non-operated interest in Equinor's 10 billion dollar Bay du Nord oil project off the coast of Newfoundland and Labrador, Canada. Offshore Energy, Reuters, World Oil, Euronext Markets, and EnergyWatch all reported the deal between the affiliate of UK-headquartered Shell and Norway's Equinor. [1][2][3][4][5]

Equinor will retain a 70 percent stake and remain the project operator, Offshore Energy reported. The Bay du Nord field is situated in the Flemish Pass basin, roughly 500 kilometers offshore Newfoundland and Labrador, in water depths ranging from 600 to 1,170 meters. [1]

Equinor ranks among the largest offshore energy operators in the world and is the leading producer on the Norwegian continental shelf. The company employs about 25,000 people in more than 30 countries globally. [9]

The transaction will help advance the project toward a final investment decision, according to Offshore Energy. That decision is expected in early 2027, subject to market conditions, regulatory approvals, and internal decisions by both companies. [1]