Equinor is now the sole owner of the massive Bay du Nord project in the province’s offshore.

Equinor reached an agreement with bp to acquire its interest in the Bay du Nord project, thereby increasing the Norwegian-based company’s ownership to 100 per cent.

According to Equinor, the transaction will provide the company with increased flexibility to move the project towards a final investment decision – targeted for early 2027.

The project has already moved to the front-end engineering and design work phase and “constructive” conversations have been held with the provincial and federal governments allowing the project to move through key milestones.

Bay du Nord, with an estimated 400 million barrels of recoverable oil, is in the Flemish Pass approximately 500 km east of St. John’s at a depth of 600 to 1170 metres.

The final investment decision is subject to market conditions, and regulatory and internal approvals.

Premier Commends Announcement

Premier Tony Wakeham calls today’s announcement “another positive step forward” for the Bay du Nord project.

He says Equinor has “made it clear” that it remains “fully committed to Bay du Nord” and taking full ownership is a “strong vote of confidence in Bay du Nord” and the long-term potential of the NL offshore.