Energy Minister Lloyd Parrott believes the sale of Suncor’s stake in the Terra Nova, White Rose, and West White Rose projects to U.K.-based Ithaca Energy is a good thing for Newfoundland and Labrador.
The sale has a price tag of over $1-billion. Suncor’s stake in Hebron and Hibernia is unaffected.
Parrott says he is “extremely excited and happy” with the news, noting that Ithaca is a “major player” in the North Sea and they are familiar with operating in conditions similar to this province’s offshore.
West White Rose and Floatel Endurance (Submitted)
He says they had been hearing for “years” that Suncor wanted to find an exit so they can get back to the oil sands out west, which he describes as their “wheelhouse.” He says the sale is good news for the province, noting that the company is the first new entrant into the province’s oil industry “in a very long time,” which is exciting.
Parrott says he has spoken with Ithaca executive chairman Yaniv Friedman.
The minister says Friedman is touting the sale as the beginning of a long-term commitment to the basin and to the province. He says that company is coming here not just to be successful, but to also find new opportunities.
