BP has agreed to sell its non-operated interest in the Bay du Nord offshore oil development to Equinor. The divestment covers BP's interests across 10 licenses in the Flemish Pass Basin, representing an average working interest of 37.212%, with Equinor remaining the operator. Financial terms were not disclosed, and the sale is subject to regulatory approvals. BP said the move aligns with its strategy to streamline its upstream portfolio and tighten capital allocation. The company will retain a 100% interest in two exploration licenses offshore Newfoundland and Labrador, designated EL 1166 and EL 1170.
BP PLCBP divests non-operated interest to streamline portfolio and tighten capital allocation.
Equinor ASA ADREquinor acquires BP's stake in Bay du Nord, expanding its offshore portfolio
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