Staff Writers
Terra Nova Deal Reached
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Premier Furey announced on Wednesday evening that the companies involved in the Terra Nova project decided to extend the Terra Nova Project.
Suncor advised that the co-owners of the Terra Nova Floating, Production, Storage and Offloading facility and associated Terra Nova Field have reached an agreement in principle to restructure the project ownership and provide short-term funding towards continuing the development of the Asset Life Extension Project.
There is an intent to move to a sanction decision in the Fall. A subset of owners will increase their ownership of the project for consideration payable from the other owners. Suncor’s ownership will increase to 48% from approximately 38%.