Shell has agreed to acquire a 30% interest in the Bay du Nord oil project offshore Newfoundland and Labrador, Canada. Equinor will retain a 70% interest and continue as operator. The financial details of the agreement have not been disclosed.
The project is planned as a phased subsea development connected to a floating production, storage, and offloading (FPSO) vessel. Its planned gross production capacity is 160,000 to 175,000 barrels of oil equivalent per day. First oil is expected in 2031.
Shell described the project as an attractive entry point, citing its established resource base and potential for long-term growth. Equinor said the partnership supports progress toward a final investment decision, targeted for early 2027.