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BP sells interest in Bay du Nord project offshore Newfoundland and Labrador
BP will keep full ownership of two exploration licences while selling its Bay du Nord stake to Equinor, with terms not disclosed.
On Monday, July 6, 2026, British energy major BP agreed to sell its 37.2 per cent stake in the Bay du Nord offshore oil project to partner Equinor, making Norway's company the sole owner.
The divestment aligns with BP's strategy to reshape its portfolio and improve profitability while reducing debt and focusing capital on higher-return oil and gas projects.
Located in the Flemish Pass Basin 310 miles east of Newfoundland and Labrador, the development is expected to tap more than 400 million barrels of oil using a floating production, storage and off-loading vessel.
While financial terms were not disclosed, BP will retain 100 per cent ownership of two exploration licences offshore Newfoundland and Labrador, maintaining a regional presence.
Equinor plans to advance the project toward a final investment decision in early 2027, targeting first oil production by 2031 with an estimated investment of about $14 billion.