UK supermajor BP has given a big vote of confidence in Newfoundland & Labrador’s upstream sector in Canada by striking a major deal to acquire the 35% stake held by Cenovus Energy in Equinor’s billion-barrel Bay du Nord project.

The deep-water development in the Flemish Pass basin came through a gruelling environmental approval process earlier this year and is due online later this decade via an innovative floating production, storage and offloading vessel.