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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.
Nachrichtenquelle: globenewswire | 17.06.2021, 00:30 | 101 | 0 CALGARY, Alberta, June 16, 2021 (GLOBE NEWSWIRE) Suncor today advised that the co-owners of the Terra Nova Floating, Production, Storage and Offloading (FPSO) facility and associated Terra Nova Field (“Terra Nova” or “the project”) have reached an agreement in principle to restructure the project ownership and provide short-term funding towards continuing the development of the Asset Life Extension Project, with the intent to move to a sanction decision in the Fall. A subset of owners will increase their ownership of the project for consideration payable from the other owners. Suncor’s ownership will increase to 48% from approximately 38%. The agreement is subject to finalized terms and approval from all Parties, including board of director approval where appropriate,
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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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.