Norwegian company Equinor has finalized a deal with Shell for the sale of a 30% stake in the proposed Bay du Nord oil project located off the coast of Newfoundland. Equinor will retain a 70% operating interest in this project, which is set to become Canada’s first deepwater oil development.

This agreement follows British oil company BP’s announcement three months ago regarding the sale of its 37.2% stake in the project. Equinor is expected to make a decision on the $14-billion Bay du Nord development by early next year.

Philippe Mathieu, an executive at Equinor, stated in a press release that the new partnership with Shell will enhance the project as it progresses towards the final investment decision. Bay du Nord is situated approximately 500 kilometers east of St. John’s, Newfoundland, making it the farthest offshore oil project globally.

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