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Fate of Terra Nova Project to be Known By End of Day

The fate of the Terra Nova Project should be known by the end of today.

Suncor, the lead operator, had set today as the deadline for the seven partner companies to align on a restart plan. As of late last night, Suncor would only say there will be a statement once a decision is made.

That decision will affect hundreds of families and businesses in the province and dictate, for many, whether to stay or go.

That point was driven home during a rally on the steps of Confederation Building yesterday, as MHAs debated the issue inside.

Energy Minister Andrew Parsons offered a glimmer of hope, revealing there have been inquiries from the private sector. He encourages such interest, saying that support in addition to the government’s $500-million could be a solution the partners should pursue, rather than asking government to take an equity stake.

Parsons says the issue isn’t so much about profitability as it is about the risk to government and the province in buying that stake. He reiterated today’s deadline was set by Suncor which means Suncor could extend it, which wouldn’t be unheard of in the industry.

Source: VOCM | This text was excerpted from the media outlet cited on June 15, 2021 and is provided to Noia members for information purposes only. Any opinion expressed therein is neither attributable to nor endorsed by Noia.