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Or sign-in if you have an account.Equinor's Bay du Nord project will be Canada's first deep-water oil and gas project, with the company aiming for first oil in 2031. Photo by EQUINOR/PostmediaOne of the partners in the massive Bay du Nord project has pulled its interest in the $14-billion megaproject off eastern Newfoundland and Labrador.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorIn a press release issued Monday, July 6, BP plc said it is exiting Canada’s first deep-water oil and gas development as part of the company’s continued portfolio simplification.That leaves Equinor ASA as the sole proponent for now.The company said the transaction is consistent with BP’s continued focus on portfolio simplification and disciplined capital allocation.Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try again“We’re proud of our partnership with Equinor and the work we’ve done together to develop the Bay du Nord project,” stated Gordon Birrell, BP’s executive vice president for upstream. “However, BP is exercising strict capital discipline, allocating it to the opportunities that create the most value for BP.”BP holds interests across 10 licences associated with the Bay du Nord project, representing an average working interest of 37.212 per cent, and will continue to hold 100 per cent interest in two other exploration licenses off Newfoundland and Labrador’s shores.The transaction is subject to customary conditions and approvals. Related accounting impacts will be communicated as part of BP’s second-quarter results.Bay du Nord is located in the Flemish Pass Basin, around 500 kilometres offshore Newfoundland and Labrador. It has oil reserves estimated at 430 million barrels and extracting that oil will involve drilling 1,200 metres below the Atlantic Ocean surface.The project sanction is expected in 2027, with the first oil flowing four years later. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.