CALGARY, Alberta, June 16, 2021 (GLOBE NEWSWIRE) – Suncor announced today that the co-owners of the Terra Nova Floating, Production, Storage and Offloading (FPSO) facility and associated Terra Nova field (“Terra Nova” or ” the Projekt “) have made a fundamental agreement to restructure the project ownership structure and provide short-term funds for the further development of the Asset Life Extension Project, with the intention of reaching a sanction decision in the fall. A subgroup of owners will take ownership of the project against Increase any consideration payable by the other owners. Suncor’s stake will increase from approximately 38% to 48%.
The agreement is subject to the final terms and the approval of all parties, including the approval of the board of directors, if applicable, and is subject to previously announced license fees and financial support from the Newfoundland and Labrador government. Further details will be announced after the agreements are concluded.
“Over the past year, Suncor has worked carefully with all stakeholders to determine another path for Terra Nova,” said Mark Little, President and Chief Executive Officer of Suncor. “Despite numerous setbacks, Suncor has persisted as the operator and explored ways to generate economic returns for our investors while protecting the jobs of hundreds of Newfoundland and Labradorians. Although this agreement is not in principle a guarantee, it will provide a way in the next few months to ensure a return to operation for many years to come.
Suncor’s forecast for 2021 remains unchanged.
Before the restructuring is complete, the co-owners of Terra Nova Suncor (operator, 37.675%), ExxonMobil (19%), Equinor (15%), Cenovus (13%), Murphy (10.475%), Mosbacher (3.85%). ) and chevron (1%).
Legal advice – forward-looking information
This press release contains certain forward-looking information and forward-looking statements (collectively, “forward-looking statements”) within the meaning of applicable Canadian and US securities laws. Forward-looking statements in this press release include statements and expectations regarding the further development of the Asset Life Extension Project, the intention to issue a sanctioning decision in the fall, and the intention of Suncor and other owners to increase their ownership interest. Forward-looking statements are based on Suncor’s current expectations, estimates, projections and assumptions made by the company in light of the information available at the time of the statement, and take into account Suncor’s experience and its perception of historical trends, including expectations and assumptions regarding: the Accuracy of reserve estimates; the current and potential negative effects of the COVID-19 pandemic, including the status of the pandemic and future waves and any related policies on current business restrictions, on-site housing orders, or individual gatherings; Commodity prices as well as interest and exchange rates; the performance of assets and equipment; Capital efficiency and cost savings; applicable laws and government guidelines; future production rates; the adequacy of the budgeted capital expenditures to carry out the planned activities; Availability and costs of labor, services and infrastructure; the fulfillment of their obligations towards Suncor by third parties; the development and implementation of projects; and the timely receipt of regulatory approvals and third party approvals.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some of which are similar to those of other oil and gas companies and some of which are reserved only for Suncor. Suncor’s actual results could differ materially from those expressed or implied in any forward-looking statements, therefore readers are cautioned not to place undue reliance on them.
Suncor’s management discussion and analysis for the first quarter of 2021 dated May 3, 2021, Annual Information Form and Annual Report to Shareholders dated February 24, 2021, Form 40-F dated February 25, 2021, and other documents submitted by Suncor by from time to time, with securities regulators, describe the risks, uncertainties, material assumptions and other factors that could affect actual results, and these factors are incorporated herein by reference. Copies of these documents are available free of charge from Suncor, 150 6th Avenue SW, Calgary, Alberta T2P 3E3, by calling 1-800-558-9071, emailing invest@suncor.com, or by referring to the company profile on SEDAR at sedar .com or EDGAR at sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Suncor Energy is Canada’s leading integrated energy company with a global team of over 30,000 employees. Suncor’s operations include the development, production, and refinement of oil sands, offshore oil and gas, petroleum refining in Canada and the United States, and our national Petro-Canada retail network (now including our Electric Highway network of fast electric vehicle charging stations). As a member of the Dow Jones Sustainability Indices FTSE4Good and CDP, Suncor develops oil resources responsibly, at the same time profitably expands a portfolio of renewable energies and drives the transition to a low-emission future. Suncor is listed in the UN Global Compact 100 share index. Suncor’s common stock (symbol: SU) is listed on the Toronto and New York Stock Exchanges.
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