October 2026 – Origin Merchant Partners (“Origin”) is pleased to announce that it served as Financial Advisor to Norwegian multinational energy company Equinor ASA (“Equinor”) on the sale of a 30% interest in its Bay du Nord offshore oil development in Newfoundland to UK based energy major Shell plc (“Shell”).
Equinor’s Bay du Nord project is located ~475km off the coast of Newfoundland in the Flemish Pass Basin with Phase 1 comprising two discovered fields – Bay du Nord and Cambriol – with development of nearby discoveries to follow after first oil. Bay du Nord is the largest undeveloped conventional oil discovery in the OECD, offering high quality light sweet crude production with low carbon intensity. Bay du Nord is targeting final investment decision (« FID ») in early 2027 and first oil in 2031.
About Equinor
Equinor is Norway’s state-controlled (~67%, via the Ministry of Trade, Industry and Fisheries) integrated energy major, dual-listed on Oslo Børs and the NYSE (EQNR), with FY2025 group revenue of ~US$106.5bn. Globally, Equinor has about 25,000 employees and offices in more than 20 countries. A major supplier of energy to Europe, with a portfolio that encompasses oil and gas, renewables, and low carbon solutions. Equinor is a world-leading offshore operator with a growing power business and positions in CO2 transportation and storage. Equinor’s deliveries of oil, gas and wind power provide a vital contribution to Europe’s energy security. In Canada, Equinor has interests in multiple operating and exploration properties offshore Newfoundland in both the Flemish Pass and Jeanne d’Arc basins. For additional information, please visit www.equinor.com.
About Shell
Shell is a British multinational oil and gas company, headquartered in London, England. Shell has a primary listing on the London Stock Exchange (SHEL) and secondary listings on Euronext Amsterdam and the NYSE. Shell is the largest investor owned oil company in Europe and the third largest globally behind ExxonMobil and Chevron. Shell is already a major player in the Canadian energy sector primarily through its investments in LNG Canada and ARC Resources. For additional information, please visit www.shell.com.
Deal Team: Jonathan Broer, Matt Jenkins
