Shell Acquires Bay du Nord Project Interest Offshore Canada

Shell will acquire a 30% non-operated interest in the Bay du Nord project offshore Newfoundland and Labrador, Canada, as part of a transaction announced by Shell that expands its position in the development while Equinor retains control of the project.

According to Shell, the deal provides entry into an established resource base with potential longer-term growth and aligns with its approach to building a competitive portfolio. The company said the project remains subject to investment criteria and capital allocation decisions.

Shell reported that Bay du Nord is planned as a phased subsea development connected to a floating production, storage and offloading vessel. The project is designed for gross production capacity of 160-175 thousand barrels of oil equivalent per day, with first oil anticipated in 2031.

Equinor will retain a 70% interest and remain the operator of Bay du Nord, according to Shell's announcement. The project is located offshore Newfoundland and Labrador, Canada.

Shell Canada operates as an integrated energy company representing Shell's global businesses, including Upstream, Integrated Gas, Downstream, and Renewables and Energy Solutions, according to the company.

Shell also stated that future investment decisions for Bay du Nord will need to compete for capital within its portfolio and meet the company's investment criteria before proceeding.