The Flemish Pass Basin project, located 500 kilometers east of St. John’s, Newfoundland, remains a massive undertaking despite the shift in ownership. Equinor now holds the reins for a development expected to yield over 400 million barrels of oil during its initial phase. The company intends to push toward a final investment decision by early 2027, with eyes set on achieving first oil by 2031.

Developing the site requires an estimated $9.84 billion investment, utilizing a floating production, storage, and offloading vessel alongside subsea tiebacks. While BP is relinquishing its interest in this specific project, it maintains full ownership of two separate exploration licenses in Newfoundland and Labrador. Financial terms of the current transaction remain undisclosed as BP continues its broader corporate effort to reduce debt and streamline its global portfolio.