(RTTNews) – BP PLC (BP, BP_UN.TO, BP.L, BPE5.DE), a major British oil and gas company, said on Monday that it has decided to sell its non-operated interest in the Bay du Nord project offshore Newfoundland and Labrador, Canada, to Equinor ASA (EQNR, EQNR.OL).
The sale aims for portfolio simplification and disciplined capital allocation. Gordon Birrell, Executive Vice President, Upstream, said: “We’re proud of our partnership with Equinor and the work we’ve done together to develop the Bay du Nord project. However, bp is exercising strict capital discipline, allocating it to the opportunities that create the most value for bp.”
Bay du Nord is located in the Flemish Pass Basin, around 500 kilometers offshore Newfoundland and Labrador. The British company holds interests across 10 licenses associated with the Bay du Nord project, representing an average working interest of 37.212%. Equinor is the operator.
BP will continue to hold 100% interest in 2 exploration licenses offshore Newfoundland and Labrador.
