Shell Canada Acquires 30% Stake in Bay du Nord Project

Shell Canada Energy reached an agreement with Equinor to acquire a 30% non-operated interest in the Bay du Nord project located offshore Newfoundland and Labrador, Canada. Equinor will retain a 70% interest and continue as the operator of the development.

The project is designed as a phased subsea development tied back to a floating production, storage and offloading vessel. It has a planned gross production capacity of 160-175 kboe/d, with first oil anticipated in 2031.

Because the project remains pre-final investment decision, any future investment is subject to internal investment criteria and capital competition within the Shell portfolio.