We now have a little more information on bp’s exodus from the Bay du Nord project off Newfoundland.
It pulled out a few months ago, leaving Equinor as the sole player. Oil companies usually prefer a consortium as a means to limit risk.
The British oil company says it withdrew from the deep-water project in order to free up cash.
In releasing its second-quarter earnings, it says profit was up to $3.9-billion, more than double its profits for the same period last year.
Equinor has yet to make a final investment decision on Bay du Nord, but that is expected early next year.
The $14-billlion offshore development is located about 500 km east of St. John’s.
