Equinor to acquire bp’s stake in Bay du Nord offshore Canada

Equinor has signed an statement to get bp's non-operated involvement successful the Bay du Nord task successful the Flemish Pass basin, located astir 500km offshore Newfoundland and Labrador successful Canada.

The woody volition summation Equinor's ownership to 100%, consolidating its presumption arsenic relation and sole proprietor of the development.

Completion of the transaction remains contingent connected modular closing conditions and regulatory clearances. The fiscal presumption of the woody were not disclosed by the parties.

The Bay du Nord task consists of aggregate lipid discoveries. Its archetypal signifier volition people recoverable resources of much than 400 cardinal barrels of lipid successful h2o depths ranging from 600m to 1,170m.

The task volition beryllium executed utilizing a phased subsea improvement concept, tied backmost to a floating production, retention and offloading vessel.

Additional fields discovered, including Cambriol, arsenic good arsenic the imaginable for aboriginal tiebacks specified arsenic Cappahayden, Harpoon and Baccalieu, signifier portion of the broader improvement program crossed the basin.

Equinor exploration and accumulation planetary enforcement vice-president Philippe Mathieu said: "Over the past fewer years, we person strengthened Bay du Nord by improving the concern lawsuit and reducing cardinal risks.

"This transaction reflects our assurance successful the task arsenic we proceed maturing it towards a last concern determination [FID]. We volition question opportunities to bring successful partners arsenic portion of the project's further development."

BP has an involvement successful 10 licences linked to Bay du Nord, representing an mean moving involvement of 37.2%.

After the transfer, bp volition proceed to clasp a 100% involvement successful 2 abstracted exploration licences offshore Newfoundland and Labrador, identified arsenic EL 1166 and EL 1170.

BP upstream enforcement vice-president Gordon Birrell said: "We are arrogant of our concern with Equinor and the enactment we person done unneurotic to make the Bay du Nord project.

"However, bp is exercising strict superior discipline, allocating it to the opportunities that make the astir worth for bp."

BP said that it volition collaborate with Equinor and stakeholders to guarantee an orderly modulation of its interest.

The Bay du Nord task is presently astatine the front-end engineering and plan (FEED) stage, with continued enactment focused connected improving superior efficiency, execution readying and task robustness.

Equinor is targeting an FID successful aboriginal 2027, taxable to marketplace and regulatory conditions, interior approvals and broader commercialized considerations. If approved, archetypal lipid accumulation is anticipated successful 2031.