Ithaca Energy agrees to buy Suncor’s offshore Canada assets for USD 860 million
Bitget2026/10/04 23:04Ithaca Energy plc agreed to buy Suncor’s offshore Newfoundland and Labrador oil assets for upfront cash consideration of USD 860 million. Deal includes contingent consideration of up to USD 250 million tied to Brent prices over a 27-month period starting July 1, 2026. Assets include a 48% operated stake in Terra Nova, a 40% non-operated interest in White Rose Existing Lands, a 38.6% stake in White Rose Growth Lands. Transaction adds 103 mmboe of 2P reserves, lifts average 2P production by about 30 kboe/d in 2027-2031. Completion targeted for H1 2027, financed with cash on hand, the borrowing base facility, secured in-country financing. Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Ithaca Energy plc published the original content used to generate this news brief on October 05, 2026, and is solely responsible for the information contained therein.
- Ithaca Energy plc agreed to buy Suncor’s offshore Newfoundland and Labrador oil assets for upfront cash consideration of USD 860 million.
- Deal includes contingent consideration of up to USD 250 million tied to Brent prices over a 27-month period starting July 1, 2026.
- Assets include a 48% operated stake in Terra Nova, a 40% non-operated interest in White Rose Existing Lands, a 38.6% stake in White Rose Growth Lands.
- Transaction adds 103 mmboe of 2P reserves, lifts average 2P production by about 30 kboe/d in 2027-2031.
- Completion targeted for H1 2027, financed with cash on hand, the borrowing base facility, secured in-country financing.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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