Shell dives into Canada's $10 billion Bay du Nord project

Shell has agreed to acquire a 30% stake in Canada's Bay du Nord oil project, with Equinor retaining 70% and continuing as the operator. The deal was announced on Friday.

Equinor has agreed to sell a 30% stake in the Bay du Nord oil project to Shell, retaining a 70% interest. The $14B project, off Newfoundland, is set for a final investment decision in 2024. BP previously sold its stake. Shell's involvement is seen as a positive step by Equinor.

Shell will acquire a 30% stake in Equinor's Bay du Nord project offshore Canada. The deal expands Shell's presence in the region. Equinor's stock has risen 2.68% year-to-date.

Shell will acquire a 30% stake in Equinor's Bay du Nord project offshore Canada, the companies announced. The deal supports project maturation towards an investment decision in early 2027. Bay du Nord, with an estimated C$14 billion investment, aims for first oil in 2031. Equinor and Shell highlighted ongoing engagement with authorities as crucial for progress.

Shell Canada agreed to acquire a 30% stake in Equinor's Bay du Nord oil project in Canada for $10 billion. Equinor will retain 70% and operate the project, with a final investment decision expected in early 2027. The project has estimated recoverable resources of over 400 million barrels of oil and a planned investment of around $9.87 billion, with first oil anticipated in 2031.

Shell has acquired a 30% stake in Equinor's Bay du Nord project offshore Newfoundland, with Equinor retaining 70% and remaining operator. Shell sees this as an attractive entry with returns above its hurdle rate. The project, with a C$14 billion investment, aims for 160,000-175,000 barrels per day and first oil in 2031, but requires final investment approval.