Shell Joins Equinor Bay du Nord Oil Project Offshore Canada

Equinor has signed a 5-year gas supply deal with Eneco, supplying 9 TWh annually from 2026. This is their third agreement this year, with prior deals in February and May. The gas has an 11.8% lower GHG footprint than the Dutch grid average, supporting Eneco's emissions reduction goals. Equinor expands its European gas sales portfolio.

Chevron, Shell, Sinopec, and CNOOC may invest $500M in a Kazakhstan oil exploration consortium, according to KazMunayGas. The venture, expected by year-end, will conduct seismic surveys and drill exploration wells. All four companies already operate in Kazakhstan.

Shell (SHEL) is selling Solenergi Power for $1.8B. The buyer aims to secure $1.5B in rupee project loans. Shell opposes Australia's proposed LNG export rule, citing potential price and economic impacts. The company has resumed Gulf of Mexico operations post-Hurricane Isaias. Shell was dropped from the WPC Energy Congress agenda due to regional tensions.

Equinor (OL:EQNR) signed a 5-year gas supply deal with Eneco, delivering 9 TWh annually. The agreement includes lower greenhouse gas emissions. Financial terms were not disclosed. This is Equinor's third long-term contract with Eneco in 2023.

Shell has acquired a 30% stake in Equinor's Bay du Nord offshore oil project in Canada, a C$14 billion development. Equinor retains 70% and operates the project, targeting over 400 million barrels of oil. The deal aligns with Equinor's risk-sharing strategy, aiming for a final investment decision in early 2027.

Shell and partners will start a drilling campaign at Norway’s Ormen Lange gas field to recover 3.5 billion cubic meters more gas. First production is expected in 2029. Shell holds a 17.8% stake in the field.