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Ithaca Energy announced an agreement on October 5 to acquire Suncor’s offshore oil interests east of Newfoundland and Labrador. The base cash consideration is US$860 million, payable on completion, with up to US$250 million of additional consideration linked to oil prices. Closing is targeted for the first half of 2027 and remains subject to Canadian approvals and other conditions.
The package includes a 48% operated interest in Terra Nova, a 40% non-operated interest in White Rose Existing Lands and 38.6% in White Rose Growth Lands. Terra Nova uses a floating production vessel and four subsea drilling centres. The release describes 29 active wells across that field, including producers and water and gas injectors.
The proposed change would give Ithaca different operational responsibilities across the hubs, with Cenovus operating White Rose. Field-wide well counts cannot be treated as wells owned exclusively by the buyer. Signing is a transaction milestone; the assets have not thereby transferred, and projected production growth remains an expectation.