Suncor Energy Announces Restart of Production at Terra Nova

Rhea-AI Summary

Suncor Energy (SU) announces the safe restart of the Terra Nova Floating, Production, Storage and Offloading vessel after completing the Terra Nova Asset Life Extension project. The company expects production to ramp up in the coming months. The Terra Nova oil field is located offshore Newfoundland and Labrador, with Suncor holding a 48% stake, Cenovus holding 34%, and Murphy Oil Corporation holding 18%. Suncor is Canada's leading integrated energy company, involved in oil sands development, offshore oil and gas, petroleum refining, and renewable energy. Suncor's common shares are listed on the Toronto Stock Exchange and the New York Stock Exchange.

Positive

• Safe restart of the Terra Nova vessel will provide additional cash flow for shareholders
• Suncor's diversified operations include oil sands development, offshore oil and gas, and renewable energy
• Recognized for performance and transparent reporting on sustainability indices

Negative

• None.

Calgary, Alberta--(Newsfile Corp. - November 27, 2023) - Suncor Energy (TSX: SU) (NYSE: SU) today announced that the Terra Nova Floating, Production, Storage and Offloading vessel has safely restarted following the completion of the Terra Nova Asset Life Extension project. Production is expected to ramp up over the coming months.

"Focusing on safety and operational integrity, we have brought this key offshore project online, providing additional cash flow for our shareholders as well as many benefits to the Newfoundland and Labrador and Canadian economies," said Rich Kruger, Suncor President and Chief Executive Officer. "We appreciate the collaboration and support from the provincial and federal governments regarding this project."

Terra Nova is an oil field located offshore Newfoundland and Labrador approximately 350 kilometres southeast of St. John's. The Terra Nova Partners are Suncor - 48%, Cenovus - 34%, and Murphy Oil Corporation - 18%.

Suncor Energy is Canada's leading integrated energy company. Suncor's operations include oil sands development, production and upgrading; offshore oil and gas; petroleum refining in Canada and the U.S.; and the company's Petro-Canada™ retail and wholesale distribution networks (including Canada's Electric Highway™, a coast-to-coast network of fast-charging electric vehicle stations). Suncor is developing petroleum resources while advancing the transition to a low-emissions future through investment in power and renewable fuels. Suncor also conducts energy trading activities focused principally on the marketing and trading of crude oil, natural gas, byproducts, refined products and power. Suncor has been recognized for its performance and transparent reporting on the Dow Jones Sustainability North America Index, FTSE4Good Index and CDP. Suncor's common shares (symbol: SU) are listed on the Toronto Stock Exchange and the New York Stock Exchange.

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For more information about Suncor, visit our web site at suncor.com.

Media inquiries:
(833) 296-4570
media@suncor.com

Investor inquiries:
(800) 558-9071
invest@suncor.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/188738

FAQ

What is the latest announcement from Suncor Energy (SU)?

Suncor Energy (SU) has announced the safe restart of the Terra Nova Floating, Production, Storage and Offloading vessel after completing the Terra Nova Asset Life Extension project.

Where is the Terra Nova oil field located?

The Terra Nova oil field is located offshore Newfoundland and Labrador, approximately 350 kilometers southeast of St. John's.

What are Suncor's main operations?

Suncor is involved in oil sands development, offshore oil and gas, petroleum refining, and renewable energy.

What are the ownership stakes in the Terra Nova project?

Suncor holds a 48% stake, Cenovus holds 34%, and Murphy Oil Corporation holds 18% in the Terra Nova project.

Where are Suncor's common shares listed?

Suncor's common shares are listed on the Toronto Stock Exchange and the New York Stock Exchange.

What has Suncor been recognized for?

Suncor has been recognized for its performance and transparent reporting on sustainability indices such as the Dow Jones Sustainability North America Index, FTSE4Good Index, and CDP.