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Commodity Pricing

Minister says Work Ongoing to Secure Future of the Terra Nova Field

The province’s energy minister admits the thought of Suncor abandoning the Terra Nova project is very concerning but a lot of work is happening behind the scenes to prevent that from happening.

Alarms went off when Suncor issued an RFP for two scopes of work, one for remediation and the other for dismantling of the project.

That’s to be expected, says Minister Andrew Parsons. He believes it’s a case of Suncor being “prudent” and understanding that there are two paths forward.

Suncor Energy Inc. is reporting positive first-quarter net earnings on higher production, lower costs, and stronger oil and gas prices, reversing a big net loss in the same period of last year. The Calgary-based oilsands producer and refiner says it had net earnings of $821-million or 54 cents per share in the first three months of 2021, compared to a net loss of $3.5-billion or $2.31 per share in the year-earlier period.

There’s not a lot Parsons can say at this time but he does offer assurances that discussions are continuing to try to secure the project’s future. He says everybody wants to see a positive resolution, but it comes down to crunching the numbers.

Source: VOCM | This text was excerpted from the media outlet cited on May 5, 2021 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.