iMetal

LONDON, July 6 (Reuters) - BP (BP.L), opens new tab has agreed to sell its stake in the Bay du Nord offshore oil project in Canada to partner Equinor (EQNR.OL), opens new tab as the British energy major sharpens its focus on higher-return opportunities.

Under the agreement, Norway's Equinor will become the ⁠sole owner of Bay du Nord, acquiring BP's 37.2% stake, the companies said on Monday without disclosing financial terms.

The agreement represents another step in BP's efforts to reshape its portfolio to improve profitability, reduce debt and focus capital on higher-return oil and gas projects. BP will retain its 100% ownership of two exploration offshore licences in the Canadian province of Newfoundland and Labrador.