Terra Nova Deal Reached

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%.