bp exits Bay du Nord interest, sells stake to Equinor
- bp agreed to sell its non‑operated interest in the Bay du Nord project to Equinor.
- bp holds interests across 10 Bay du Nord licences, averaging a 37.212% working interest; Equinor is operator.
- Bay du Nord is in the Flemish Pass Basin, about 500 km offshore Newfoundland and Labrador.
- Transaction is subject to customary conditions and approvals; related accounting impacts will be reported in bp’s second quarter results.
Transaction
bp has agreed to sell its non‑operated interest in the Bay du Nord project offshore Newfoundland and Labrador to Equinor. The company said the move is consistent with its portfolio simplification and disciplined capital allocation strategy. bp will work with Equinor and relevant stakeholders to support the orderly transfer of its interest.
Gordon Birrell, executive vice president, Upstream, said: “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.”
Holdings and location
Bay du Nord sits in the Flemish Pass Basin, approximately 500 kilometres offshore Newfoundland and Labrador. bp holds interests across 10 licences associated with the project, representing an average working interest of 37.212%; Equinor is the operator.
Approvals, reporting and next steps
The transaction is subject to customary conditions and approvals. Related accounting impacts will be communicated as part of bp’s second quarter results. bp will continue to hold 100% interest in two exploration licences offshore Newfoundland and Labrador (EL 1166 and 1170).
Reportable segments for external financial reporting under IFRS will remain OP&O, GLCE and C&P until 31 December 2026; the new external reporting model will take effect from the financial year beginning 1 January 2027, with further details to follow.
Source: bp
