All financial figures are in Canadian dollars Suncor today announced that the co-owners of the Terra Nova Floating, Production, Storage and Offloading facility and associated Terra Nova Field have finalized the agreement to restructure the project ownership and move forward with the Asset Life Extension Project. Suncor, Cenovus and Murphy Oil, now control 100% of the project with the following increased ownership …
All financial figures are in Canadian dollars
Suncor today announced that the co-owners of the Terra Nova Floating, Production, Storage and Offloading (FPSO) facility and associated Terra Nova Field (“Terra Nova”) have finalized the agreement to restructure the project ownership and move forward with the Asset Life Extension Project. Suncor, Cenovus and Murphy Oil, now control 100% of the project with the following increased ownership positions: Suncor 48% (previously approximately 38%); Cenovus 34% (previously 13%); and Murphy Oil 18% (previously approximately 10%).
The agreement also includes the previously disclosed royalty and financial support from the Government of Newfoundland and Labrador including up to $205 million, on a matching contribution basis, to support local onshore and offshore work related to the Asset Life Extension Project.
The Asset Life Extension Project is expected to extend production life by approximately 10 years, providing an additional 70 million barrels of resource for the partnership and providing many benefits to the...
Read Full Story: https://investingnews.com/news/oil-and-gas-investing/suncor-energy-confident-in-east-coast-canada-energy-future:-moves-forward-with-terra-nova-asset-life-extension/
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