Connect with us

Business

Suncor extends the life line for the Terra Nova offshore project, increases its stake to 48%

Published

on

Suncor extends the life line for the Terra Nova offshore project, increases its stake to 48%

Details of the deal were not released, but Suncor said continued work on the project is “ subject to royalties and financial support ” from the project.

Article content

CALGARY – Suncor Energy Inc. will increase its stake in the Terra Nova offshore oil project after reaching a tentative agreement with the government of Newfoundland and Labrador to save the troubled project and extend its useful life.

Calgary-based Suncor, Canada’s largest integrated oil company, is increasing its stake in the Terra Nova project from 38% to 48% and agreed to extend the life of the offshore oil facility. The company had said it would scrap the project unless an agreement could be reached with the Newfoundland and Labrador provincial government last Tuesday.

“While this agreement in principle is not a guarantee, it sets a path forward in the coming months to ensure a return to operations for many years to come,” Suncor President and CEO Mark Little said in a statement on Wednesday night, adding that he had worked for the past year to find “a way forward” for the project.

Commercial

Article content

“Despite numerous setbacks, Suncor, as an operator, continued to persevere and explore options to achieve an economic return for our investors while protecting the employment of hundreds of Newfoundland and Labradors,” said Little.

A final decision is expected in the fall.

Details of the deal were not released, but Suncor said continued work on the project is “subject to royalties and financial support” from the project. The provincial government had previously offered tax incentives and royalty waivers to extend the life of the offshore project, which created approximately 1,000 jobs in a province of 520,000 people.

The Newfoundland and Labrador Oil and Gas Industries Association (NOIA) called the tentative agreement between the province and Suncor a source of “immense relief.”

“This announcement is long-awaited positive news for our offshore oil and gas industry, and indeed for our province,” NOIA CEO Charlene Johnson said in a statement. “For the NOIA members involved in the supply and service sector and the thousands of people who depend on this project for their livelihood, this is very good news accompanied by immense relief.”

Similarly, labor groups that held demonstrations this week demanding that the provincial government support the project applauded the agreement.

Commercial

Article content

“The investment in Terra Nova is a victory for good jobs and a victory for the people of Newfoundland and Labrador,” Unifor National President Jerry Dias said Wednesday in a statement. “Jobs, royalties, corporate taxes, GDP boost. There were many reasons to say ‘yes’ to the renewal of Tera Nova. “

In a statement Wednesday night, reported by CBC.ca, Prime Minister Andrew Furey said: “Our government supports, and continues to support, the province’s oil and gas industry and we are pleased on behalf of the workers and Their families that project owners have come up with this interim capital solution and continue to work to secure this project for the next 10 years. “

• Email: gmorgan@nationalpost.com | Twitter:

Commercial

In-depth reports on the economics of innovation from The Logic, presented in association with the Financial Post.

Comments

Postmedia is committed to maintaining a lively but civilized discussion forum and encourages all readers to share their views on our articles. Comments can take up to an hour to moderate before appearing on the site. We ask that you keep your comments relevant and respectful. We have enabled email notifications – you will now receive an email if you receive a response to your comment, there is an update from a comment thread you follow, or if a user you follow comments. Visit our Community Principles for more information and details on how to adjust your E-mail settings.

Advertisement
Advertisement

Lifestyle

LifeStyle1 day ago

5 Tips To Write Your Essays Before the Deadline

Deadlines are not easy to deal with. When there is an approaching deadline, one tends to get overwhelmed at the...

LifeStyle2 weeks ago

How to Prioritize Self Care as a New Parent

A bundle of joy has joined you in your life and you couldn’t be happier. But, at the same time,...

LifeStyle2 weeks ago

5 Reasons Why You Can’t Stay Asleep

You have likely heard it most of your life: getting a good night’s sleep is important for your overall health....

LifeStyle2 weeks ago

4 Ways to Spread Joy This Fall

Traditionally, many people strive to spread as much joy as they can in the weeks leading up to Christmas. But...

LifeStyle1 month ago

Tips to Boost Your Energy and Ensure Life Longevity with NMN Supplements

Australia’s median age limit increased by two years recently. Higher NAD+ can improve your metabolism rates and prolong natural aging....

LifeStyle2 months ago

5 Tips on Writing APA Research Paper

When students reach college education, they understand that it won’t all be flowers and sunshine. There are different courses with...

Support group for businesses to overcome challenges Support group for businesses to overcome challenges
LifeStyle3 months ago

Support group for businesses to overcome challenges

All-day brunch and soup kitchen Cafe Coco suffered as walk-ins dwindled significantly. It’s a tourist-dependent cafe that’s nestled in the...

S’pore startup Shiok Meats acquires clean red meat company Gaia Foods S’pore startup Shiok Meats acquires clean red meat company Gaia Foods
LifeStyle3 months ago

S’pore startup Shiok Meats acquires clean red meat company Gaia Foods

According to Technology in Asia, Shiok Meats has acquired a stake of more than 90% in Gaia Foods for an...

Marianna Hewitt’s home proves that neutral decor can be full of personality Marianna Hewitt’s home proves that neutral decor can be full of personality
LifeStyle3 months ago

Marianna Hewitt’s home proves that neutral decor can be full of personality

If anyone understands the importance of maintaining your brand, it is Marianna Hewitt. The trusted influencer and founder of the...

The 16 best stuffed pepper recipes for every occasion The 16 best stuffed pepper recipes for every occasion
LifeStyle3 months ago

The 16 best stuffed pepper recipes for every occasion

Something you may not know about me is that I absolutely adore a pepper. Raw, cooked, marinated, bathed: each and...

Advertisement

Sport

Sports2 months ago

5 Tips for Setting Up Your PC for Online Gaming

Due to advances in technology, online gamers can enjoy a gaming experience that was unthinkable even a decade ago. High-resolution...

Sports3 months ago

How to Succeed in Poker Tournaments

Perhaps your first big poker tournament is coming up, or you’ve been gathering skills ready to enter – no matter...

Sports3 months ago

Is The Olympics Still Relevant?

As the Tokyo Olympics has come to a close, competitors must move on from the excitement of experiencing an Olympic...

Fernández reflects on the game against Dart: ‘Honestly, I can’t think of anything positive’ Fernández reflects on the game against Dart: ‘Honestly, I can’t think of anything positive’
Sports3 months ago

Fernández reflects on the game against Dart: ‘Honestly, I can’t think of anything positive’

var adServerUrl = “”; var $ el = $ (“# video_container-985707”); var permalink = $ el.closest (‘. snet-single-article’). data (‘permalink’);...

Tammy Abraham to Roma – Mourinho is the perfect coach for the striker Tammy Abraham to Roma – Mourinho is the perfect coach for the striker
Sports3 months ago

Tammy Abraham to Roma – Mourinho is the perfect coach for the striker

It seems that not too long ago, a young English Target Man was a troubling prospect for most Premier League...

Explanation: Why Barcelona had to let Messi go Explanation: Why Barcelona had to let Messi go
Sports3 months ago

Explanation: Why Barcelona had to let Messi go

Barcelona’s Argentine forward Lionel Messi cries during a press conference at Barcelona’s Camp Nou stadium on August 8, 2021. –...

Are Arsenal and Spurs left out of the top 6 in dispute as the 2021/22 season approaches? Are Arsenal and Spurs left out of the top 6 in dispute as the 2021/22 season approaches?
Sports3 months ago

Are Arsenal and Spurs left out of the top 6 in dispute as the 2021/22 season approaches?

Manchester United, Manchester City, Liverpool, Chelsea, Spurs and Arsenal are the teams that are widely regarded as the top 6...

What should team Canada’s men’s hockey roster look like? What should team Canada’s men’s hockey roster look like?
Sports3 months ago

What should team Canada’s men’s hockey roster look like?

We have sent an email with instructions to create a new password. Your current password has not been changed. We...

Haaland, but staying in Dotmund, can BVB get the title on 21/22? Haaland, but staying in Dotmund, can BVB get the title on 21/22?
Sports3 months ago

Haaland, but staying in Dotmund, can BVB get the title on 21/22?

There are almost twenty days left in the transfer window. The window is in full swing as deals that would...

Knicks agree to deal with Dwayne Bacon: reports Knicks agree to deal with Dwayne Bacon: reports
Sports3 months ago

Knicks agree to deal with Dwayne Bacon: reports

Dwayne Bacon # 8 of the Orlando Magic shoots as John Collins # 20 of the Atlanta Hawks defends during...

Advertisement

Entertainment

Venice adds Doc ‘Ennio’;  Netflix Confirms Sanjay Leela Bhansali Series – News Block Venice adds Doc ‘Ennio’;  Netflix Confirms Sanjay Leela Bhansali Series – News Block
Entertainment3 months ago

Venice adds Doc ‘Ennio’; Netflix Confirms Sanjay Leela Bhansali Series – News Block

Venice adds Giuseppe Tornatore’s Ennio Morricone film The Venice Film Festival incorporates the Out of Competition screening of Ennio Morricone’s...

The Jeffrey Epstein Victims Fund has finished paying $ 121 million The Jeffrey Epstein Victims Fund has finished paying $ 121 million
Entertainment3 months ago

The Jeffrey Epstein Victims Fund has finished paying $ 121 million

After awarding more than $ 121 million to about 150 applicants, a compensation program for survivors of Jeffrey Epstein’s sexual...

Matt Roloff and Karyn Chandler move in together, discuss marriage Matt Roloff and Karyn Chandler move in together, discuss marriage
Entertainment3 months ago

Matt Roloff and Karyn Chandler move in together, discuss marriage

Small people, big world star Matt Roloff and his girlfriend, Karyn Chandlerhave revealed their big summer plans in a new...

Mike Shouhed wants Reza Farahan to apologize for being a ‘traitor’ Mike Shouhed wants Reza Farahan to apologize for being a ‘traitor’
Entertainment3 months ago

Mike Shouhed wants Reza Farahan to apologize for being a ‘traitor’

Shouhed says his Shahs of Sunset co-star “cuts deep and says things that are hard to forgive.” While a sexting...

Joey Lawrence and Samantha Cope are engaged Joey Lawrence and Samantha Cope are engaged
Entertainment3 months ago

Joey Lawrence and Samantha Cope are engaged

He put a ring on it! Joey lawrence is engaged to the actress Samantha cope one year after filing for...

Christine Applegate was diagnosed with multiple sclerosis Christine Applegate was diagnosed with multiple sclerosis
Entertainment3 months ago

Christine Applegate was diagnosed with multiple sclerosis

August 10, 2021 Christine Applegate was diagnosed with multiple sclerosis (MS). Christina Applegate The 49-year-old actress took to Twitter on...

UK advertisers form tapestry with clients Coel, Fassbender, Foy – News Block UK advertisers form tapestry with clients Coel, Fassbender, Foy – News Block
Entertainment3 months ago

UK advertisers form tapestry with clients Coel, Fassbender, Foy – News Block

EXCLUSIVE: UK advertisers Donna Mills and Emma Jackson, longtime representatives of London-based Premier Communications, have launched the new advertising agency...

Christina Applegate: actress reveals multiple sclerosis diagnosis Christina Applegate: actress reveals multiple sclerosis diagnosis
Entertainment3 months ago

Christina Applegate: actress reveals multiple sclerosis diagnosis

prime time Emmy-winning actor Christina applegate has revealed a multiple sclerosis condition through a Twitter post late on Monday night....

Prince Harry and Meghan Markle wanted to move to New Zealand in 2018 Prince Harry and Meghan Markle wanted to move to New Zealand in 2018
Entertainment3 months ago

Prince Harry and Meghan Markle wanted to move to New Zealand in 2018

Prince harry and Meghan Markle according to Queen Elizabeth IIRepresentative to New Zealand, Governor General Patsy Reddy… She said Associated...

Alarming new UN climate report says humanity has really screwed itself up Alarming new UN climate report says humanity has really screwed itself up
Entertainment3 months ago

Alarming new UN climate report says humanity has really screwed itself up

The last evaluation of climate science is a “code red for humanity,” the United Nations chief said on Monday, while...

Advertisement

Tech

Tech1 week ago

How to Provide Cybersecurity for Firefox

Mozilla Firefox is one of the first browsers that come to mind when thinking about the best privacy-oriented browsers available...

Tech4 weeks ago

6 Important Questions to Ask Your Internet Provider

Choosing the best internet provider can be challenging, especially when you don’t know what questions to ask. You want to...

Tech1 month ago

How Serious is Plagiarism in College?

Studying in college often demands writing essays and course papers. You may study technical subjects and do not have many...

Tech1 month ago

Three Possible Ways of How You Can Transfer Contacts from Outlook to iPhone

MS Outlook plays an important role in putting daily life in order, especially with regard to email management. If you...

Tech1 month ago

Importance of Email Validation

According to recent stats, 30% of users change their email every year. Therefore, if your mailing list is more than...

Tech1 month ago

Before Doing Virtual Staging, Here’s What You Should Know

The majority of people today go online to look for homes. When a potential buyer spots a house online that...

Tech1 month ago

What Technologies are Online Casinos Using?

Online casinos have become an ideal choice for a lot of players, especially because they let players take their games...

Tech2 months ago

Grow Your Brand With These 5 Social Media Tips

Whether you’re operating a new business or working to grow your brand, social media is an excellent place to start....

Tech2 months ago

Is Mining Ethereum Still Profitable in 2021?

Globally, there have been lots of innovations and modernization in different aspects of life. This fact has contributed to the...

Tech2 months ago

Popularity Of the Blockchain Technology: How Familiar Are You with It?

Cryptocurrencies are a form of digital currency that stands out because it is decentralized. Cryptocurrency also stands out because it...

Advertisement
Advertisement