BP agrees to divest Bay du Nord oil project stake

• BP (NYSE:BP) signed a definitive agreement to sell its entire 37.212% non-operated working interest in the Canadian Bay du Nord offshore oil project to Equinor.
• The energy divestment transaction covers BP's legacy holdings distributed across 10 separate offshore exploration and development licenses.
• BP is enforcing strict capital discipline to systematically streamline its global upstream portfolio and redirect investments toward higher-margin assets.

BP (NYSE:BP) announced it agreed to sell its entire 37.212% non-operated working interest in the Bay du Nord offshore oil development project to Norwegian energy operator Equinor.

The asset divestment spans 10 distinct production licenses situated within the Flemish Pass Basin, roughly 500 kilometers offshore Newfoundland and Labrador.

"However, BP is exercising strict capital discipline, allocating it to the opportunities that create the most value for BP," said BP Executive Vice President for Upstream Gordon Birrell.

The transaction remains subject to customary closing conditions alongside official regulatory approvals from Canadian provincial and federal energy watchdogs.

The London-based energy major will maintain a 100% operating interest in two nearby regional exploration blocks designated as licenses EL 1166 and EL 1170.

The corporation stated that any primary accounting adjustments or balance sheet impacts resulting from the asset sale will be detailed within its upcoming second-quarter financial results.