Shell will acquire a 30% non-operated interest in the Bay du Nord oil project from Equinor. The project is located in the Flemish Pass basin, 500 kilometers off Newfoundland and Labrador, Canada. Equinor will retain a 70% stake and continue as the operator.
The partnership aims to advance the project towards a final investment decision. This decision is anticipated in early 2027. The Bay du Nord development would be Canada's first deepwater oil project. It expects a production capacity of 160,000 to 175,000 barrels of oil equivalent per day. First oil is projected for 2031.