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Suncor Energy Sells Off Interests in Terra Nova, White Rose, and West White Rose Projects
Ithaca will assume $1.4 billion in liabilities and a $500 million well compliance program as Suncor narrows its offshore footprint.
- On Sunday, Calgary-based Suncor Energy Inc. announced it is selling its interests in three Newfoundland oil fields to London-based Ithaca Energy PLC IACAF in a deal worth up to $1.55 billion, marking a major reduction in its regional presence.
- An upfront payment of $1.2 billion, plus up to an additional $350 million in contingent payments based on future oil prices, forms the agreement with an effective date of July 1, 2026.
- Ithaca will assume all future liabilities associated with the assets, including total estimated abandonment and lease liabilities of $1.4 billion and a $500 million regulatory well compliance program starting in 2027 at Terra Nova.
- Suncor will maintain its existing interests in the Hibernia and Hebron fields, which are also located off the East Coast, as the sale is expected to close in early 2027.
- Capital earmarked for normal-course share repurchases will increase to $750 million per month from $500 million, reflecting a shift in the company's capital allocation strategy coinciding with the divestment announcement.
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Suncor selling off stakes in N.L.’s Terra Nova, White Rose and West White Rose for $1.2B
Calgary-based Suncor Energy is selling off stakes in three Newfoundland and Labrador oilfields — Terra Nova, White Rose and West White Rose — to Ithaca Energy in a deal for $1.2 billion plus up to $350 million based on future oil prices. The deal is expected to close in early 2027.
·Ottawa, Canada
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The British oil company Ithaca Energy has agreed to acquire a portfolio of Canadian oil assets from Suncor Energy for up to $1.11 billion, marking its international debut outside UK waters. Exclusive material for subscribers. To have full access, access the material link and register.
·Rio de Janeiro, Brazil
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Total News Sources24
Leaning Left8Leaning Right3Center5Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 31%
R 19%
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