Shell Acquires Stake in Bay du Nord Project

Norwegian energy company Equinor has reached an agreement to sell a 30 per cent stake in the proposed Bay du Nord oil project off the coast of Newfoundland and Labrador to Shell.

Under the agreement, Equinor will maintain a 70 per cent operating interest in the development. If completed, the project would become Canada’s first deepwater oil development.

The announcement follows a decision by British energy giant BP approximately three months earlier to sell its 37.2 per cent interest in the project.