{"id":921395,"date":"2026-10-05T10:50:11","date_gmt":"2026-10-05T10:50:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/921395\/"},"modified":"2026-10-05T10:50:11","modified_gmt":"2026-10-05T10:50:11","slug":"suncor-sells-stakes-in-three-canadian-east-coast-oil-projects-for-up-to-1-5-billion","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/921395\/","title":{"rendered":"Suncor sells stakes in three Canadian East Coast oil projects for up to $1.5-billion"},"content":{"rendered":"

Suncor Energy Inc. SU-T<\/a> is selling its interests in three oil fields off Newfoundland to London-based Ithaca Energy PLC IACAF<\/a>. The deal, worth up to $1.55-billion, marks a major reduction in the Calgary-based company\u2019s presence in the region, where it has been active for decades.<\/p>\n

Suncor said on Sunday the sale of stakes in the Terra Nova, White Rose and West White Rose projects is aimed at honing the company\u2019s focus on its main cash-generating assets in northern Alberta, where it is one of the largest players.<\/p>\n

\u201cWe are aligning our portfolio around our competitive advantages and the strengths of our unparalleled, physically integrated business, underpinned by large-scale, long-life oil sands resources,\u201d Rich Kruger, Suncor\u2019s chief executive officer, said in a statement.<\/p>\n

The company is selling its 48-per-cent interest in Terra Nova, its 40-per-cent interest in White Rose and its 38.6-per-cent interest in West White Rose for $1.2-billion.<\/p>\n

Oil industry faces major spending hikes to fill planned pipeline expansions<\/a><\/p>\n

Ithaca, one of the largest operators in the British North Sea, could also be on the hook for an additional contingent payment of up to $350-million, based on future oil prices.<\/p>\n

The deal is expected to close in early 2027. Suncor said it will retain its stakes in the Hibernia and Hebron fields, which are also located off Canada\u2019s East Coast.<\/p>\n

Ithaca will become the operator of Terra Nova. Petro-Canada, which Suncor acquired 17 years ago, discovered that field in 1984.<\/p>\n

Ithaca said the deal marks its first international acquisition. The interests provide long-life reserves in an operating environment that is similar to that on the U.K. Continental Shelf, executive chairman Yaniv Friedman said in a statement.<\/p>\n

Suncor also said on Sunday it is increasing the budget it has earmarked for normal-course share repurchases to $750-million per month from $500-million.<\/p>\n","protected":false},"excerpt":{"rendered":"Suncor Energy Inc. SU-T is selling its interests in three oil fields off Newfoundland to London-based Ithaca Energy…\n","protected":false},"author":2,"featured_media":921396,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-921395","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-business","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/921395","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=921395"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/921395\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/921396"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=921395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=921395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=921395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}