Shell acquires 30% stake in Equinor’s Bay du Nord offshore oil project

Shell has signed an agreement to purchase a 30% interest in Equinor’s Bay du Nord project off Newfoundland and Labrador, while Equinor will keep the remaining 70% and stay as operator. The development is expected to produce between 160,000 and 175,000 barrels of oil equivalent per day, with first oil targeted for 2031. No price or other financial terms were disclosed, and the final investment decision is still pending.

The transaction gives Shell exposure to a large Canadian offshore oil asset that could add significant upstream production once online, potentially boosting future cash flows. Equinor retains majority ownership, so the project’s progress will also affect its balance sheet and earnings outlook.

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