Shell to acquire 30% stake in Equinor’s Bay du Nord project

Shell (SHEL) is acquiring a 30% interest in Equinor's (EQNR) Bay du Nord oil project in Canada, with estimated resources of over 400 million barrels. The project, planned for 2031, has an estimated investment of C$14 billion. Shell aims to gain exposure to long-term growth while maintaining a disciplined capital allocation approach. The investment decision is targeted for early 2027, subject to market conditions and regulatory approvals.

Shell will take a 30% stake in Equinor's Bay du Nord offshore oil project in Canada, with Equinor retaining 70%. The partnership aims to advance the project, targeting a final investment decision in early 2027. Bay du Nord is located in the Flemish Pass basin, about 500 km offshore Newfoundland and Labrador, and involves a floating production vessel. Both companies are finalizing the FEED phase and engaging with governments for regulatory approvals.

Equinor and Shell have agreed that Shell will acquire a 30% stake in the Bay du Nord project offshore Canada, with Equinor retaining 70%. The project, targeting an investment decision in early 2027, involves a floating production vessel and has estimated recoverable resources of over 400 million barrels of oil. The transaction supports portfolio management and risk sharing for both companies.

Shell PLC acquired a 30% stake in the Bay du Nord oil project offshore Canada, following BP PLC's exit. Equinor, retaining 70%, aims for an investment decision by early 2027. The project, with a CAD 14 billion investment, targets 400 million barrels of oil. Shell expects returns above its hurdle rate. BP exited as part of its capital discipline strategy, targeting $20 billion in divestments by 2027.

Transocean has confirmed a $1 billion deal with Equinor, providing three deepwater rigs for Norwegian contracts. The Transocean Endurance will return to Norway from Australia. The agreement involves large-scale drilling operations.

Transocean's semi-submersible rig, Transocean Norge, secured a $62M contract with Shell for two wells in Norway, with an option for one more. Separately, Equinor approved a $1B deal for three rigs, boosting Transocean's backlog to $1.1B. The rigs are designed for harsh environments and deep-sea drilling.