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BP Sells Stake in Bay du Nord Offshore Project to Equinor

Published July 8, 2026 at 1:13 PM UTC

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BP has agreed to sell its 37.2% non-operated interest in the Bay du Nord offshore oil project to Equinor, the project's operator. This decision aligns with BP's strategy to simplify its global portfolio and focus on higher-value opportunities. The transaction encompasses BP's interests across 10 licenses associated with the Bay du Nord development, located approximately 500 kilometers offshore Newfoundland and Labrador. Financial terms of the deal were not disclosed, and the sale is subject to customary regulatory approvals. BP will retain a 100% interest in two exploration licenses offshore Newfoundland and Labrador. Gordon Birrell, BP's executive vice president of Upstream, stated, "We're proud of our partnership with Equinor and the work we've done together to develop the Bay du Nord project. However, BP is exercising strict capital discipline, allocating it to the opportunities that create the most value for BP." Equinor plans to advance the project toward a final investment decision in early 2027, with first oil targeted for 2031. The Bay du Nord development is expected to tap more than 400 million barrels of oil in its initial phase, based on a floating production, storage, and offloading vessel with subsea tiebacks.