On October 9, 2026, Equinor and Shell signed an agreement under which Shell, through Shell Canada Energy, will acquire a 30 percent non-operated interest in the Bay du Nord project offshore Newfoundland and Labrador. Equinor will retain a 70 percent interest and continue as operator. No purchase price was disclosed. Bay du Nord is a deepwater oil development located in the Flemish Pass basin, approximately 500 kilometres east of St. John’s, and would be the first deepwater oil project in Canada. The development concept is based on a floating production, storage and offloading vessel with subsea tiebacks, with estimated recoverable resources of roughly 400 million to 550 million barrels in its initial phase, gross production capacity of about 160,000 to 175,000 barrels of oil equivalent per day, and first oil anticipated around 2031. The transaction supports the project’s maturation toward a final investment decision targeted for early 2027 and reflects Equinor’s strategy of portfolio management and risk sharing in large-scale developments. Shell’s entry follows Equinor’s acquisition of BP’s 37.2 percent interest in Bay du Nord earlier in 2026, through which Equinor consolidated full ownership before bringing in a new partner. Completion remains subject to market conditions, regulatory approvals and the companies’ internal decision processes. Osler, Hoskin & Harcourt LLP advised Equinor Canada Ltd.