Shell agreed on 9 October 2026 to acquire a 30% non-operated interest in the Bay du Nord project offshore Newfoundland and Labrador from Equinor, for an undisclosed sum.
Why Shell Canada Energy (Shell plc) is buying Bay du Nord project (30% non-operated interest, from Equinor)
Shell said the deal offers an attractive entry point with expected returns above its hurdle rate and exposure to an established resource base with longer-term growth potential.
Deal terms and financing
Financial terms were not disclosed. Equinor will retain 70% and remain operator.
Regulatory approvals and timing
The project remains pre-FID; Shell said any future investment decision will be subject to its investment criteria.
Market context
The agreement came about three months after BP said it would sell its 37.2% interest in the project, which has an estimated capital cost of about C$14bn.
Sources
In the rankings
