First bp exited from the Newfoundland oil patch; now Shell is picking up the slack.
Norway-based Equinor was left as the sole investor in the deep-water field when bp pulled out. Equinor said at the time that it would try to find another partner for the $14-billion project. It has.
Shell has reached an agreement to buy 30 per cent of the proposed oil project, leaving Equinor as the majority stakeholder at 70 per cent.
Equinor executive Philippe Mathieu says the new partnership will strengthen the project as it moves toward the “Final Investment Decision” next year.
The lead company says Bay du Nord could create thousands of jobs over the life of the project, and contribute $20-billion to governments.
