11 June 2021 13:34 GMT Updated 11 June 2021 13:37 GMT in London
The end is nigh for Suncor s Terra Nova project offshore eastern Canada, despite the best efforts of the provincial government to find a way to prevent the oilfield being abandoned.
Terra Nova was producing between 2002 and late 2019, when the field’s floating production, storage and offloading vessel was removed from location in readiness for a planned upgrade at a Spanish shipyard before resuming operations back in the Jeanne d’Arc basin.
In 2020, however, Suncor ditched its $500 million Asset Life Extension (ALE) project that aimed to recover an extra 80 million barrels of oil from Terra Nova and extend output to 2031, due to the impacts of Covid-19 and low oil prices.
27 May 2021 10:49 GMT Updated 28 May 2021 8:43 GMT in London
Calgary-based Suncor looks set to announce a decision to abandon its Terra Nova oilfield offshore eastern Canada on 15 June, in what will be a bitter blow to Newfoundland & Labrador’s upstream sector.
Terra Nova was producing between 2002 and late 2019 when the field’s floating production, storage and offloading vessel was removed from location in readiness for a planned upgrade at a Spanish shipyard before resuming operations back in the Jeanne d’Arc basin.
In 2020, however, Suncor ditched its $500 million Asset Life Extension (ALE) project that aimed to recover an extra 80 million barrels of oil from Terra Nova and extend output to 2031, due to the impacts of Covid-19 and low oil prices.
Canadaâs Noia presses for deal on Terra Nova FPSO before June 15 deadline 5/27/2021
Terra Nova FPSO
ST. JOHNâS, NEWFOUNDLAND, CANADA- During a recent call with investors, Suncor Energy CEO Mark Little commented on the future of the Terra Nova FPSO and efforts to confirm the Asset Life Extension project of the vessel. Mr. Little stated that a deadline to decide on the project has been set for June 15, 2021. Noia is encouraged that Mr. Little indicated Suncor would like to proceed with the project and implores the parties to find a resolution before the deadline.
âNoia understands the business requirements of Suncor Energy to set a deadline for a decision on the Asset Life Extension Program of the Terra Nova FPSO and we remain hopeful that an agreement will be reached prior to June 15. This project provides approximately 1,000 direct jobs and thousands more through the service and supply sector through the use of helicopters, supply v
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