Suncor sells of N.L. offshore assets, other oilsands giant bulks up Alberta holdings
Suncor is selling offshore assets in Atlantic Canada as it focuses on its oilsands holdings, while Cenovus is buying a smaller peer to grow its own footprint in northern Alberta.
Suncor Energy Inc. has sold its interest in the Terra Nova, White Rose, and West White Rose offshore oil developments in Newfoundland to U.K.-based Ithaca Energy PLC for $1.2 billion in cash, with a potential additional payment of $350 million contingent on future oil prices. The transaction, expected to close in early 2027, aims to focus Suncor's efforts on opportunities generating long-term shareholder value, particularly in its oilsands holdings.
Meanwhile, Cenovus Energy Inc. is acquiring Athabasca Oil Corp. in a $5.7-billion cash-and-stock deal to boost its oilsands production capacity from 40,000 to 115,000 barrels per day by 2032. Cenovus CEO Jon McKenzie stated that Cenovus sees the Athabasca acquisition as a significant organic growth opportunity and views it as strategically compelling due to the scarcity value of top-tier long-duration thermal inventory.
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