BP and Equinor Sign Framework Agreement for Bay du Nord Project

Published on March 15, 2026 at 12:14 am by Sultan Khalid in News

BP p.l.c. (NYSE:BP) is included among the 12 Best Large Cap Energy Stocks to Buy Now.

BP p.l.c. (NYSE:BP) is a British multinational company recognized worldwide for quality gasoline, transport fuels, chemicals, and alternative sources of energy such as wind and biofuels.

It was reported on March 4 that the Newfoundland and Labrador provincial government in Canada has signed a critical framework agreement with BP p.l.c. (NYSE:BP) and Equinor to advance construction of the long-delayed Bay du Nord oil project. BP holds a 40% stake in the C$14 billion project, which involves building a floating platform to drill an estimated resource of 400 million barrels of light crude oil in the Atlantic Ocean.

The project was first approved in 2022 but has since faced delays due to rising costs and various political and environmental challenges. Following this framework agreement, a final investment decision (FID) on the project is scheduled for next year, with first oil planned for 2031. After completion of its first phase, the project will provide up to $6.4 billion in direct revenue to Newfoundland & Labrador.

BP p.l.c. (NYSE:BP) also boasts a strong position in the global liquefied natural gas industry and was recently included in our list of the 14 Best LNG Stocks to Buy Now.