Agreement reached to sell interests in Terra Nova, White Rose, and West White Rose for USD 860 million of upfront cash and an additional contingent payment of up to USD 250 million.
Moscow, October 5 – Neftegaz.RU. Suncor Energy has entered into a definitive agreement to sell its 48% interest in Terra Nova, 40% interest in White Rose and 38.6% interest in West White Rose offshore assets to Ithaca Energy plc (Ithaca) for $1.2 billion (USD 860 million) of upfront cash and an additional contingent payment of up to $350 million (USD 250 million), based on future oil prices.
In addition, Ithaca will assume investment commitments and all future liabilities associated with the assets, including a $500 million (in Canadian dollars) regulatory well compliance program starting in 2027 at Terra Nova and the total estimated abandonment and lease liabilities of $1.4 billion (Cdn$).
Ithaca is one of the largest independent operators in the UK North Sea, bringing new capital and significant offshore expertise to Canada’s East Coast industry. As part of its entry into the region, Ithaca intends to assume operatorship of Terra Nova.
The transaction has an effective date of July 1, 2026 and is expected to close in early 2027, subject to customary closing conditions, regulatory approvals and partner consents.
Suncor will retain its interests in Hebron and Hibernia. Concurrent with this announcement, Suncor has increased share repurchases under its normal course issuer bid from $500 million to $750 million (Cdn$) per month beginning in October 2026.
