Ithaca Energy Expands Into Canada With $860M Suncor Offshore Assets Deal
Ithaca will assume $1.4 billion in liabilities and a $500 million well compliance program as Suncor narrows its offshore footprint.
- On Sunday, Calgary-based Suncor Energy Inc. announced it is selling its interests in three Newfoundland oil fields to London-based Ithaca Energy PLC IACAF in a deal worth up to $1.55 billion, marking a major reduction in its regional presence.
- An upfront payment of $1.2 billion, plus up to an additional $350 million in contingent payments based on future oil prices, forms the agreement with an effective date of July 1, 2026.
- Ithaca will assume all future liabilities associated with the assets, including total estimated abandonment and lease liabilities of $1.4 billion and a $500 million regulatory well compliance program starting in 2027 at Terra Nova.
- Suncor will maintain its existing interests in the Hibernia and Hebron fields, which are also located off the East Coast, as the sale is expected to close in early 2027.
- Capital earmarked for normal-course share repurchases will increase to $750 million per month from $500 million, reflecting a shift in the company's capital allocation strategy coinciding with the divestment announcement.
32 Articles
32 Articles
Ithaca Energy Expands Into Canada With $860M Suncor Offshore Assets Deal
Ithaca Energy (LON:ITH) said it has agreed to acquire Suncor’s offshore Canada assets in a transaction valued at $860 million, marking the company’s first international expansion beyond the U.K. Continental Shelf. The acquisition includes operatorship of the Terra Nova field and a non-operated inte
Suncor sells many N.L. oil industry assets to U.K.-based Ithaca in billion-dollar deal - NTV: Newfoundland and Labrador's Most Trusted News Source
There’s a major change in ownership happening in the province’s offshore oil industry. Suncor is selling its stakes in three major projects to a U.K. company for over $1 billion. NTV’s Bailey Howard has the story. The post Suncor sells many N.L. oil industry assets to U.K.-based Ithaca in billion-dollar deal appeared first on NTV: Newfoundland and Labrador's Most Trusted News Source.
One Oilsands Major Sells of NL Offshore Assets, Another Bulks up Alberta Holdings
Terra Nova FPSO, a massive floating production, storage and offloading vessel used in the oil and gas industry, heads along the Newfoundland coast near St. John's on Aug. 3, 2001.(CP PHOTO/Andrew Vaughan)
One oilsands major sells of N.L. offshore assets, another bulks up Alberta holdings
One of Canada's biggest energy companies is selling offshore assets in Atlantic Canada as it focuses on its oilsands holdings, while another is buying up a smaller peer to grow its own footprint in northern Alberta. The announcements from Suncor Energy Inc. and Cenovus Energy Inc. come days after a proposed million-barrel-a-day pipeline to the West Coast was deemed the first national-interest project under federal legislation passed last year. …
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