Shell Acquires 30% Stake in Equinor’s Bay du Nord Offshore Project
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Shell has agreed to purchase a 30% stake in Equinor’s Bay du Nord deepwater project off the coast of Newfoundland and Labrador, Canada. The joint venture continues to progress the estimated C$14 billion project toward a final investment decision targeted for early 2027.
Equinor will maintain a 70% stake and serve as operator for the deepwater field, which lies roughly 500 km offshore Newfoundland and Labrador within the Flemish Pass basin.
Holding more than 400 million bbl of estimated recoverable resources, the initial phase focuses on the Cambriol and Bay du Nord discoveries. Plans call for a staged subsea development connected to a floating production, storage and offloading (FPSO) unit in water depths between 600 and 1,170 m.
“We are pleased to welcome Shell as a partner in Bay du Nord,” stated Philippe Mathieu, Equinor’s executive vice president for Exploration and Production International. “This is a strategic project for Equinor, with a high-quality resource base and the potential to create significant long-term value.”
Front-end engineering and design (FEED) for the field is nearly complete, with current efforts prioritizing project optimization, execution strategy, and capital efficiency.
Pending corporate approvals, regulatory clearance, and market stability, Equinor plans to make its final investment decision in early 2027, eyeing initial oil production in 2031.
Beyond the baseline phase, the project offers expansion potential via future subsea tiebacks from the Baccalieu, Harpoon, and Cappahayden discoveries.
The financial details of Shell’s entry into the project were not released.
