BP agreed to sell its 37.2% non-operated interest in the Bay du Nord oil project to Equinor. The transaction grants Equinor 100% ownership of the offshore Newfoundland and Labrador site. The project is estimated to hold over 400 million barrels of oil. The companies did not disclose the financial terms of the deal.
This sale supports BP’s strategy to simplify its portfolio and focus on higher-yield ventures. Gordon Birrell, BP’s executive vice president for Upstream, stated the firm is targeting value-creating opportunities. BP will retain a 100% interest in two other regional exploration licenses.