Equinor Takes Full Ownership of Bay du Nord Oil Project Offshore Canada

Equinor has acquired bp’s stake in the Bay du Nord offshore oil project, taking full ownership of one of Canada’s largest undeveloped offshore discoveries as it advances the project toward a final investment decision targeted for early 2027.

The transaction, which aligns with bp’s ongoing portfolio simplification strategy, gives Equinor greater flexibility as it continues engineering and development work on the project. Financial terms of the deal were not disclosed.

“Over the past few years, we have strengthened Bay du Nord by improving the business case and reducing key risks,” said Philippe Mathieu, Equinor’s executive vice president for Exploration and Production