Equinor and Shell partner on Bay du Nord; Shell takes 30% stake
- Shell will acquire a 30% interest in the Bay du Nord project offshore Newfoundland and Labrador.
- Equinor will retain a 70% interest and remain the project operator.
- Bay du Nord is planned as an FPSO-based development with subsea tiebacks in the Flemish Pass, about 500 km offshore.
- FEED is being finalised and the partners target an investment decision in early 2027, subject to market conditions and approvals.
Transaction
Equinor and Shell have signed an agreement under which Shell will acquire a 30% interest in the Bay du Nord project. Equinor will retain a 70% interest and remain as the project operator.
Project details
Bay du Nord is located in the Flemish Pass basin, approximately 500 kilometres offshore Newfoundland and Labrador. The proposed development concept is based on a floating production, storage and offloading vessel (FPSO) with subsea tiebacks and broader resource potential across the basin.
Development status and next steps
The project is finalising front-end engineering and design (FEED), with ongoing work to strengthen capital efficiency, execution planning and overall project robustness. Constructive engagement with provincial and federal governments has supported progress through key milestones. The transaction is intended to support portfolio management, capital allocation and risk sharing, and the partners will continue to mature the project toward an investment decision currently targeted for early 2027, subject to market conditions, regulatory approvals and the companies’ internal decision processes.
Source: Equinor