The transaction reflects bp’s ongoing portfolio simplification and provides Equinor with increased flexibility to continue maturing the project towards final investment decision (FID) planned for early 2027.

“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”, says Philippe Mathieu, Executive Vice President for Exploration and Production International.

Bay du Nord is located in the Flemish Pass basin, approximately 500 kilometres offshore Newfoundland and Labrador. The development concept is based on a floating production, storage and offloading vessel (FPSO) with subsea tiebacks and broader resource potential across the basin.

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.

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.