(WO) — bp has agreed to promote its non-operated curiosity within the Bay du Nord mission offshore Newfoundland and Labrador, Canada, to operator Equinor, persevering with its technique of simplifying its upstream portfolio and focusing capital on higher-value alternatives.
The transaction consists of bp’s pursuits throughout 10 licenses related to the Bay du Nord improvement, representing a mean 37.2% working curiosity. Monetary phrases weren’t disclosed, and the sale stays topic to customary regulatory approvals.
“We’re pleased with our partnership with Equinor and the work we have accomplished collectively to develop the Bay du Nord mission,” mentioned Gordon Birrell, bp’s government vp of Upstream. “Nonetheless, bp is exercising strict capital self-discipline, allocating it to the alternatives that create probably the most worth for bp.”
Bay du Nord is positioned within the Flemish Go basin, roughly 500 km offshore Newfoundland and Labrador. Equinor serves as operator of the deepwater mission.
bp mentioned it should work with Equinor and different stakeholders to help the switch of its curiosity. The corporate added that it’ll retain a 100% curiosity in two exploration licenses (EL 1166 and EL 1170) offshore Newfoundland and Labrador.
The divestment is the most recent step in bp’s ongoing portfolio optimization efforts as the corporate continues to streamline its upstream enterprise and prioritize capital allocation.
