Suncor Energy has sold off its interests in the Terra Nova, White Rose, and West White Rose projects to U.K.-based Ithaca Energy – a deal valued at over a billion dollars.
The deal will see Ithaca take over Suncor’s 48 per cent interest in Terra Nova, 40 per cent interest in White Rose, and 38.6 per cent interest in West White Rose. The deal is for $1.2-billion, with an additional contingent payment of $350-million based on future oil prices.
Suncor is keeping its stake in Hebron and Hibernia.
(Turret of the Terra Nova FPSO. Photo courtesy Suncor.)
Ithaca Energy executive chairman Yaniv Friedman says the purchase marks the “next era of growth” for that company.
With the purchase, Ithaca says it is now the 5th largest operator in Offshore Canada by production.
The company says that creates a “credible platform for further inorganic growth in North America.”
The sale is expected to close early in the new year.
