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Buoyed by five reliable producing fields, another under development and one close to FID, along with seismic data indicating potential for additional significant finds, the Newfoundland and Labrador offshore sector is poised for noticeable growth over the next few years.
Winnipeg Free Press By: The Canadian Press
Last Modified: 7:51 PM CDT Wednesday, Jun. 16, 2021 Save to Read Later
CALGARY - The beleaguered Terra Nova oilfield off the coast of Newfoundland and Labrador could live to pump another day after its owners reached a restructuring agreement in the eleventh hour Wednesday.
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 Friday, Aug. 3, 2001. THE CANADIAN PRESS/Andrew Vaughan
CALGARY - The beleaguered Terra Nova oilfield off the coast of Newfoundland and Labrador could live to pump another day after its owners reached a restructuring agreement in the eleventh hour Wednesday.
N.L. s troubled Terra Nova offshore oilfield saved by last-minute restructuring
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 Friday, Aug. 3, 2001. THE CANADIAN PRESS/Andrew Vaughan June 16, 2021 - 5:51 PM
CALGARY - The beleaguered Terra Nova oilfield off the coast of Newfoundland and Labrador could live to pump another day after its owners reached a restructuring agreement in the eleventh hour Wednesday.
The oilfield s seven owners will shuffle their shares and provide short-term funding for the project, rather than abandon the field entirely, a news release from Suncor Energy Inc. said.
Suncor to increase minority stake in Terra Nova as part of ownership restructuring
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5 – Very
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 Friday, Aug. 3, 2001. THE CANADIAN PRESS/Andrew Vaughan
CALGARY – Suncor Energy Inc. says it has reached an agreement in principle to increase its minority ownership of the Terra Nova offshore oilfield.
The Calgary-based company says its stake in the Newfoundland and Labrador facility will increase to 48 per cent from about 38 per cent as part of a restructuring of ownership.