Suncor and the Terra Nova partners have officially sanctioned the Terra Nova Asset Life Extension (ALE) project – one that is estimated to extend the production life and capture approximately 80 million barrels of oil for the Terra Nova Partnership. The Terra Nova oil field is located approximately 350 kilometres offshore Newfoundland and Labrador.
“This is a major milestone, not only for our East Coast Operations but for the Exploration and Production (E&P) business and Suncor,” says Steve Hogan, senior vice president Exploration and Production. “Since production from Terra Nova began in 2002 it’s been a solid contributor to our bottom line. There’s a lot that the basin still has to offer and once necessary offshore work is complete, we’ll ensure Terra Nova continues in its role as a strong operating asset for many years to come.”
To complete the required upgrades, Terra Nova will go offline for approximately six to seven months in 2020, sailing to a dry dock facility where work will be executed. Execution of this work provides an opportunity to complete enhancements to the Floating Production, Storage and Offloading (FPSO) vessel to increase production capacity and efficiency to enable reliable operations over its extended life.
“This is the result of incredible work from our team and reinforces our long-term commitment to the East Coast,” adds Steve. “I look forward to seeing how much more we can accomplish with the extension.”
This story contains forward-looking information. Please see legal advisories for more information.