BP has agreed to sell its stake in the Bay du Nord offshore oil project in Canada to partner Equinor, marking a significant consolidation in the development of the Newfoundland basin asset.
The transaction, reported by The Globe and Mail, sees the Norwegian energy major become the sole owner of the project for an undisclosed sum.
This move aligns with BP’s broader strategy to sharpen its focus on higher-return opportunities, effectively exiting a long-standing Canadian venture to reallocate capital elsewhere.
For Equinor, the acquisition solidifies its position in the North Atlantic, granting it full operational control over the Bay du Nord field.
The deal removes a major international partner from the project, potentially streamlining decision-making processes for future development phases.
While the financial terms were not disclosed, the transfer of ownership represents a notable shift in the competitive landscape of Canadian offshore oil production.