Terra Nova oil field.
oil field development project 350 kilometres off the coast of Newfoundland
Suncor sells offshore stakes to Ithaca Energy for C$1.2B upfront
Suncor sells Terra Nova, White Rose and West White Rose stakes to Ithaca for C$1.2B upfront plus up to C$350M, and raises monthly buybacks to C$750M.
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About Terra Nova oil field
Terra Nova is an oil field development project based off the coast of Newfoundland, discovered in 1984 by Petro-Canada. Terra Nova is the first harsh environment development in North America to use a Floating Production Storage and Offloading (FPSO) vessel, Terra Nova. Production from the field began in January 2002 off the coast of Newfoundland, with an expected life of 15–17 years. After stopping production in 2019, the FPSO was moved to Ferrol, Spain for repairs.
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