Shell buys a 30% stake in Canada's Bay du Nord

Shell Canada Energy, an affiliate of Shell, agreed to acquire a 30% non-operated interest in the Bay du Nord project from Equinor on October 9, 2026. Equinor will retain a 70% stake and remain operator of the asset, located offshore Newfoundland and Labrador, Canada.

The project concept involves a phased subsea development tied back to a floating production, storage and offloading vessel (FPSO). Planned gross production capacity is 160,000 to 175,000 barrels of oil equivalent per day, with first oil anticipated in 2031.

The development remains before a final investment decision. Shell noted that expected returns exceed its hurdle rate, but any future investment decision will be subject to internal investment criteria and competition for capital across its portfolio.