Suncor Energy: Expected To Increase Ownership In White Rose, Offshore Newfoundland

Suncor Energy announced, September 8, 2021, it has entered into a conditional agreement to increase its interest in the White Rose asset subject to a restart decision on the West White Rose project.

As part of the conditional agreement, Cenovus, the operator, will complete a restart evaluation for the West White Rose project by mid 2022.

Should the project economics be robust enough to lead to a restart decision.
Suncor has agreed to increase its interest in the White Rose offshore field by 12.5% (from 27.5% to approximately 40%) in exchange for a cash payment by Cenovus to Suncor.

Suncor would assume capital commitments on the 12.5% additional interest on a go-forward basis only.

No significant capital spend is expected before 2023 and both companies will work together to increase the efficiency of this asset.

The White Rose asset joint venture owners are Cenovus (operator) and Suncor.

The West White Rose Project joint venture owners are Cenovus (operator), Suncor and Nalcor.

ABOUT WHITE ROSE

Offshore Newfoundland and Labrador, in the Jeanne d’Arc Basin, is home to the White Rose oil field, about 350 kilometres east of St. John’s.

On the eastern edge of the White Rose field are the North Amethyst, West White Rose and South White Rose extensions. All producing fields use the SeaRose floating production, storage and offloading (FPSO) vessel.

The West White Rose Project is being developed using a fixed wellhead platform.

In September 2020, a review of the West White Rose Project was announced. This followed the suspension of major construction activities in March due to the COVID-19 pandemic and the decision to reprioritize capital investment following the global economic downturn.

In the Flemish Pass Basin, Cenovus and and its partner have made discoveries at Mizzen, Harpoon, Bay du Nord and Baccalieu.

SOURCE AND IMAGES: Cenovus & Suncor