Equinor and Shell have signed an agreement under which Shell will acquire a 30% interest in the Bay du Nord project offshore Newfoundland and Labrador in Canada, the companies said on Friday.
* “The transaction supports the continued maturation of Bay du Nord towards an investment decision currently targeted for early 2027,” Equinor said in a statement
* Constructive engagement with provincial and federal governments has supported progress through key milestones and will remain important as the project continues to advance, Equinor said
* Bay du Nord is located in the Flemish Pass basin, approximately 500 kilometres offshore Newfoundland and Labrador
(Reporting by Terje Solsvik; editing by Nora Buli)