en.Wedoany.com Reported - Equinor has reached an agreement with BP to acquire the latter's stake in the Bay du Nord project off the coast of Canada, increasing Equinor's ownership in the project to 100% upon completion of the transaction.

This transaction reflects BP's ongoing strategy to simplify its asset portfolio, while also providing Equinor with greater operational flexibility to continue advancing the project toward a final investment decision (FID). That decision is expected in early 2027.

"In recent years, we have strengthened the Bay du Nord project by improving its commercial viability and reducing key risks. This transaction demonstrates our confidence in the project, which will proceed as planned toward a final investment decision. We will seek opportunities to bring in partners during future development," said Philippe Mathieu, Equinor's Executive Vice President for International Exploration and Production.

Bay du Nord is located in the Flemish Pass Basin, approximately 500 kilometers off the coast of Newfoundland and Labrador. The project's development concept is based on a floating production, storage, and offloading (FPSO) vessel, equipped with subsea tie-back facilities, with the entire basin showing extensive resource potential.

The project has now entered the front-end engineering and design (FEED) stage, with subsequent work focusing on improving capital efficiency, refining execution planning, and enhancing overall project robustness. Constructive collaboration with provincial and federal governments has helped the project pass several key milestones, and this partnership will remain critical as the project progresses.

Equinor will continue advancing the project until a final investment decision is made, currently expected in early 2027, subject to market conditions, regulatory approvals, and internal approvals.