Suncor looks set to abandon Terra Nova

摘要

CALGARY-BASED Suncor looks set to announce a decision to abandon its Terra Nova oilfield offshore eastern Canada on 15 June, in what will be a bitter blow to Newfoundland & Labrador's upstream sector. Terra Nova was producing between 2002 and late 2019 when the field's floating production, storage and offloading vessel was removed from location in readiness for a planned upgrade at a Spanish shipyard before resuming operations in the Jeanne d'Arc basin. In 2020, however, Suncor ditched its Asset Life Extension (ALE) project that aimed to recover an extra 80 million barrels of oil from Terra Nova and extend output to 2031, due to the impacts of Covid-19 and low oil prices.