ST. JOHN’S – An Equinor executive says companies are showing more interest in its proposed Bay du Nord oil project off the east coast of Newfoundland.
Speaking to investors Wednesday, Equinor’s chief financial officer said there are other discoveries in the Bay du Nord area that could be developed as tie-ins to the main project.
However, Torgrim Reitan says the company is not changing its plans for Bay du Nord just yet, as it prepares to make a final decision early next year about whether to proceed with the project.
Reitan says Equinor is pleased that Shell bought 30 per cent of the development, after BP decided to sell its 37.2-per cent share earlier this year.
With first oil anticipated in 2031, he says Bay du Nord is expected to be an important cash generator for Equinor in the 2030s.
The company published a financial report Wednesday morning showing an adjusted operating income of US$12.4 billion in the third quarter of this year, up from US$6.2 billion at the same time last year.
Equinor says the jump was driven in part by high oil and gas prices.
With a current price tag of about $14 billion, Reitan said Bay du Nord will be a “significant investment” for Equinor. As a new partner, Shell is now “buying into the concepts,” he said.
“And there’s nothing that … stops us from moving forward as planned, which is a final investment decision in the early part of next year,” he said.
Speaking again about Bay du Nord, Reitan said he was “really looking forward to opening up a new area in northeast of Canada.”
Bay du Nord would be the first deepwater oil project in Canada, and farther from shore than any other oil development in the world. The Newfoundland and Labrador government has said it is considering a stake in the project of up to 10 per cent.
This report by The Canadian Press was first published Oct. 28, 2026.