Shell said Friday it agreed to acquire a 30% non-operated interest in the Bay du Nord project offshore Newfoundland and Labrador in Canada, while Equinor will retain a 70% interest and remain the operator; financial terms were not disclosed. Shell said the transaction provides an attractive entry point, expected returns above its hurdle rate, and exposure to an established resource base with potential longer-term growth. Bay du Nord is a phased subsea development tied back to a floating production, storage and offloading vessel, with planned gross production capacity of 160K-175K boe/day and first oil anticipated in 2031, and it is currently finalizing the front-end engineering and design. Equinor said the deal supports the continued maturation of Bay du Nord towards an investment decision currently targeted for early 2027.
Equinor ASA ADREquinor retains 70% interest and operatorship of Bay du Nord, supporting continued maturation toward an investment decision
Shell plcShell agrees to acquire a 30% non-operated stake in Bay du Nord with expected returns above its hurdle rate
Dell Technologies Inc
