Equinor has agreed to sell Shell a 30% non-operating stake in the Bay du Nord offshore oil project in Canada. Equinor will retain a 70% interest and remain the project's operator.
The partnership is intended to strengthen the project as it advances toward a final investment decision, now targeted for early 2027. Bay du Nord is about 500 kilometers off the coast of Newfoundland and Labrador.
If developed, Bay du Nord would be Canada's first deepwater oil development. First oil is anticipated in 2031.