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The FPSO will undergo maintenance work at the Bull Arm Fabrication site starting early September prior to sailing to dry dock in Ferrol, Spain later this year with a safe return to operations anticipated before the end of 2022. The economic impact report for the Terra Nova project can be found here. 'sector' : 'Production', One diver remains in the diving bell as an emergency backup. In December 2019, the Canada-Newfoundland and Labrador Offshore Petroleum Board issued an order to suspend production-related operations on the FPSO after finding Suncor noncompliant with required safety inspections. 100 New Gower Street, Cabot Place, Suite 902, St. Johns, Newfoundland & Labrador, Canada, A1C 6K3 What are you interested in (required) (St. Johns, NL June 11, 2021) With the Suncor Energy deadline of June 15, 2021 quickly approaching for a decision on the asset life extension (ALE) project or abandonment of the Terra Nova FPSO, Noia has undertaken an analysis of the financial benefits of the Terra Nova project. Terra Nova life extension project receives approval to proceed Suncors EOIs seek proposals from companies who could do wellbore abandonment for the 30 wells tied to the Terra Nova FPSO, 11 other exploration and delineation wells, and carry out decommissioning of the vessel. Furthermore, Cenovus and Suncor entered into a conditional agreement under which Suncor will increase its interest in the White Rose asset, subject to a restart decision on the West White Rose project, and Cenovus will reduce the companys working interest in the White Rose field. According to Suncor, the agreement also includes the royalty and financial support from the Government of Newfoundland and Labrador; thus, including up to $205 million to support local onshore and offshore work related to the Asset Life Extension Project. After months of uncertainty, Suncor has announced that it is moving ahead with the asset life extension for the Terra Nova project. Suncor Energy is Canada's leading integrated energy company, with a global team of over 30,000 people. The FPSO will undergo maintenance work at the Bull Arm Fabrication site starting early September prior to sailing to dry dock in Ferrol, Spain later this year with a safe return to operations anticipated before the end of 2022. Canadian energy company Suncor has revealed that the Terra Nova life extension project is making progress with expectations for the subsea campaign to be completed by the end of this month and the FPSO to come back to Canada before the end of the year. The agreement also includes previously disclosed royalty and financial support from the Government of Newfoundland and Labrador, including up to $161.4 million (C$205 million), on a matching contribution basis, to support local onshore and offshore work related to the development, Suncor highlighted. Suncor has announced that the co-owners of the Terra Nova Floating, Production, Storage and Offloading (FPSO) facility, and associated Terra Nova field, have finalized an agreement to restructure the project ownership and move forward with an asset life extension development. Suncor Energy Inc. All financial figures are in Canadian dollars. As a group we reach more than 850,000 people through our printed and digital channels per month: magazines, e-magazines, web sites, emailing, newsletters, and social media. Articles range from features on key and timely industry issues, profiles of people working in Canadas oil and gas sector and educational content and news designed to build industry knowledge. The Terra Nova FPSO has arrived in Spain as part of work to extend the vessel's life by another decade. Cenovus and its partners continue to evaluate their options on the West White Rose Project, with a decision to be made by mid-2022. Terra Nova FPSO Arrives in Spain | VOCM ISSN: 1944-978X (Online)ISSN: 0149-2136 (Print), Blake Wright has been a journalist covering the upstream oil and gas industry for more than 25 years. Independent Analysis Shows Substantive Economic Impact of Terra Nova Suncor Energy moves forward with Terra Nova Asset Life Extension On 14 January 2021, the Government of Newfoundland and Labrador announced a nonbinding Memorandum of Understanding had been reached with Suncor and the other project owners in order to strengthen the economics of extending the life of the project. With our federal partners, our governments committed over $500M in financial assistance to responsibly benefit our province. The subsea work is expected to be complete by mid-August. PDF Terra Nova Development Canada-Newfoundland and Labrador Benefits Public The Terra Nova field has produced approximately 425 million barrels of oil with the asset life extension project expected to capture another 80 million. The province has five producing fields, more than 650 leads and prospects, and an ongoing, world-class seismic program with more than 20 basins mapped. Independent Analysis Shows Substantive Economic Impact of Terra Nova Since 2019 the vessel has been off-field undergoing a life extension programme, initially at Bull Arm Fabrication Site, then Navantia, El Ferrol. With the potential of our offshore, including the potential for an additional 80 million barrels from the Terra Nova field, these are not conversations I expect or want to have.. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges. One of the largest FPSO vessels ever built, the Terra Nova is 292.2 metres long and 45.5 metres wide, approximately the size of three football fields laid end to end. Your e-mail (required) According to the company, those agreements will increase Cenovus working interest in Terra Nova and, if a decision is taken to restart West White Rose, reduce the companys working interest in the White Rose field. Suncor May Look To Decommission Aging Terra Nova FPSO - JPT Suncor Reaches Deal to Extend Life of Terra Nova Project However, the focus must be on improving competitiveness of Canadas offshore industry if the province is to realize its full potential. Further, provincial and municipal governments could receive some $1.49 billion in taxes and royalties over the next 10 years. Terra Nova gets 10-year extension | Offshore Forward-looking statements in this news release include statements and expectations regarding the Terra Nova FPSO facility and Asset Life Extension Project, including the expectation that the Asset Life Extension Project will extend production life by approximately 10 years, providing an additional 70 million barrels of resource for the partnership and provide many benefits to the Newfoundland and Labrador and Canadian economies in the form of taxes, royalties and employment, expectations regarding the maintenance work to be completed on the FPSO and that the FPSO will have a safe return to operations before the end of 2022, and the belief that this agreement will provide certainty for the 1,000 plus local direct and indirect jobs that support the project and similar statements. Jupia Consultants Inc. was founded in 2004. There have been eight new entrants in the past three years, and $3.9 billion in recent exploration work commitments. Police in Grand Falls-Windsor Searching for Escaped Prisoner, Canadian Artist, TALK, Added to Churchill Park Music Festival Lineup, Police Catch Shoplifter Red-Handed in Mount Pearl, Metro Police Nab Driver With Canada-Wide Suspension, Government Employee Had Second Full-Time Job While Working from Home, OceanGate Ceases All Commercial, Exploration Operations. The agreement also includes the previously disclosed royalty and financial support from the Government of Newfoundland and Labrador including up to $205 million, on a matching contribution basis, to support local onshore and offshore work related to the Asset Life Extension Project. 'company' : '', CALGARY, Canada Work is progressing on the Terra Nova FPSO's asset life extension program, according to operator Suncor Energy, and the vessel should return to the field location offshore Newfoundland and Labrador before year-end 2022. CALGARY, Alberta, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Suncor today announced that the co-owners of the Terra Nova Floating, Production, Storage and Offloading (FPSO) facility and associated Terra Nova Field (Terra Nova) have finalized the agreement to restructure the project ownership and move forward with the Asset Life Extension Project. Suncor would assume capital commitments on the 12.5 per cent additional interest on a go-forward basis only. Charlene Johnson, Noia CEO. Alex Pourbaix, Cenovus president and chief executive officer, said, sanctioning the Terra Nova asset life extension provides a superior value proposition for our shareholders compared with the alternative of abandoning and decommissioning the project. August 18, 2022, by Nermina Kulovic. On June 16, the co-owners of the Terra Nova floating production, storage and offloading (FPSO) facility and associated Terra Nova offshore field reached an agreement in principle to restructure project ownership and provide short-term funding to continue development of the Asset Life Extension Project, with the intent to move to a final project . var ssdl = ssdl || {} In fact, the three co-owners expect the Asset Life Extension to extend production life by approximately ten years. Noia members are a diverse representation of businesses that range from offshore supply boats and helicopters, health and safety equipment and training, engineering solutions and fabricators to law firms and human resource agencies. Energy NL was founded in 1977 to represent the supply and service sector of the energy industry. The Terra Nova FPSO's AIS data shows that the vessel recently arrived at St. John's Conception Bay. Noia Implores Parties to Reach a Deal on Terra Nova FPSO - EnergyNow Hence, new taxes, royalties, and employment could result from this project. Two divers exit the diving bell and swim to the equipment to do maintenance work and complex tasks on the equipment that attaches to the FPSO from the floor of the Atlantic Ocean. The storage capacity of the Terra Nova FPSO is 960,000 barrels of oil with accommodations for up to 120 personnel while producing. The proposed Terra Nova Asset Life Extension is expected to extend the production life of Terra Nova by approximately 10 years and provide nearly 80 million barrels of additional oil resource. On June 16, the co-owners of the Terra Nova floating production, storage and offloading (FPSO) facility and associated Terra Nova offshore field reached an agreement in principle to restructure project ownership and provide short-term funding to continue development of the Asset Life Extension Project, with the intent to move to a final project sanction decision in the fall. Suncor, and the co-owners of the Terra Nova FPSO have finalized the agreement to restructure the project ownership and sanction plans to extend the life of the project. Rigzone Social Network. The co-owners of the Terra Nova FPSO facility, and associated Terra Nova field, have finalized an agreement to restructure the project ownership and move forward with an asset life extension project. Terra Nova floater set to dock in Newfoundland for maintenance The new ownership structure has yet to be announced though Suncor Energy, the projects operator, announced it will increase its equity position in the project from 38 to 48 per cent. Suncor Energy has announced a plan to extend the life of the Terra Nova FPSO has been reached. Suncor now owns 48 per cent of the project, up from 38 per cent, Cenovus owns 34 per cent, up from 13 per cent and Murphy Oil owns 18 per cent, up from 10 per cent. Partners include ExxonMobil at 19%; Equinor at 15%; Husky Energy (Cenovus) at 13%; Murphy Oil at 10.475%; Mosbacher Operating at 3.85%; and Chevron Canada at 1%. The FPSO has arrived at Navantia's dry dock in El Ferrol, Galicia after a four-week voyage across the Atlantic Ocean from the Bull Arm . Suncor and the other co-owners anticipate a safe return to operations before the end of 2022. News release Suncor Energy confident in East Coast Canada energy future: moves forward with Terra Nova Asset Life Extension https://t.co/UJ0AFU67Jd, In this sense, Mark Little, Suncor president, and chief executive officer, commented; The decision to move forward with the Terra Nova project is a concrete example of Suncors commitment to invest in projects that have strong economic returns., Similarly, Little noted that this type of project could provide long-term value for investors. Terra Nova FPSO - Wikipedia Before it departed Newfoundland, additional maintenance work was completed at the Bull Arm fabrication site. 'Region' : 'All', Newfoundland and Labradors offshore projects are producing some of the lowest emissions per barrel globally, and with energy demand increasing, the province has significant potential to grow its industry, says Paul Barnes, director, Atlantic Canada and Offshore, Canadian Association of Petroleum Producers. We expect this project will add about 80 million barrels of resources to the partnership and extend the life of the asset by 10 years. This agreement also provides certainty for the 1,000 plus local direct and indirect jobs that support the project We appreciate the deep collaboration and support from the provincial and federal governments, which has been crucial to helping us reach this important milestone, he added. Now, the focus is on fabric maintenance, such as rust removal, painting, new insulation and new heat tracing. Ship TERRA NOVA FPSO (Floating Storage/Production) Registered in Canada The Terra Nova FPSO and the crew are expected back in home waters by the end of 2022 when the FPSO is scheduled to be back in production. Accordingly, they will now move forward with the Asset Life Extension Project. , June 9, 2021 Blake Wright Suncor expects production to resume early 2023. @PremierofNL https://t.co/pZzQF9zWEH, Andrew Parsons (@Andrew_Parsons1) September 8, 2021. August 16, 2022 A deep dive into the Terra Nova upgrades It's hard to fathom something as long as three football fields laid end-to-end, with the capacity to store nearly a million barrels of oil, can gracefully float across an ocean. The Newfoundland and Labrador Oil and Gas Industries Association (Noia) was founded in 1977 to represent the supply and service sector of the offshore oil and gas industry. Forward-looking statements in this news release include statements and expectations regarding the Terra Nova FPSO facility and Asset Life Extension Project, including the expectation that. A deep dive into the Terra Nova upgrades | Suncor The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca. Lets save the Terra Nova FPSO and work on building back a dynamic and prosperous industry. The Asset Life Extension Project is expected to extend production life by approximately 10 years, providing an additional 70 million barrels of resource for the partnership and providing many benefits to the Newfoundland and Labrador and Canadian economies in the form of taxes, royalties and employment. In a separate statement on Wednesday, Cenovus said it would receive $78 million from the exiting partners as a contribution towards future Terra Nova asset retirement obligations. Suncor Moves Terra Nova FPSO to Conception Bay - Offshore Engineer Magazine The asset life extension project is expected to allow the facility to capture approximately 80 million additional barrels of oil for the Terra Nova partnership. Suncor is listed on the UN Global Compact 100 stock index. March 2023 The Trilemma and a Liquified Natural Gas (LNG) Energy Unlocking the Potential of Geothermal Energy: A Path to Clean Power and Sustainable Solutions, Energizing the Future: DOEs New Initiative to Decarbonize Transportation and Industrial Sectors, BPs Argos Platform: The Future of Deepwater Oil Production, TotalEnergies Expands in Suriname: A Step Forward in Energy Development, $26 Million for Clean Energy Grid Projects: A Step Toward a Sustainable Future. Take our 15-question Canadas Atlantic offshore oil and natural gas industry quiz to find out. The Terra Nova field is located offshore approximately 350 kilometres southeast of Newfoundland and Labrador. Nearly 1,000 jobs were linked to the field at the end of 2019, which is the last time oil was produced by the Terra Nova FPSO, an aging floating production, storage and offloading vessel that. CALGARY, Canada Work is progressing on the Terra Nova FPSOs asset life extension program, according to operator Suncor Energy, and the vessel should return to the field location offshore Newfoundland and Labrador before year-end 2022. Copies of these documents are available without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3E3, by calling 1-800-558-9071, or by email request to invest@suncor.com or by referring to the companys profile on SEDAR at sedar.com or EDGAR at sec.gov. The FPSO was recently moved from its offshore location to the Conception Bay at St. John's - Map Credit: VesselsValue. It's part of the work underway to extend the life of the vessel by another decade. 'audience' : 'News', Daily news and in-depth stories in your inbox, The companies awarded by MEA get the opportunity to work closely together with a transnational team of Marine Energy experts on both the technical advancement of their technology, as well as the development of their commercial strategy and business plans. Today Energy NL represents over 460 member organizations worldwide which are involved in, or benefit from, the energy industry of Newfoundland and Labrador. Suncor had previously announced that the Terra Nova asset life extension project aims to prolong the life of the FPSO by about a decade to 2031 and produce an additional 80 million barrels. For more information about Suncor, visit our web site at suncor.com, follow us on Twitter @Suncor, Media inquiries: 1-833-296-4570 media@suncor.com, Investor inquiries: 800-558-9071 invest@suncor.com. Bay du Nord oil projects court saga draws to a close but will there be an encore? 'company_sentiment' : 'Positive', Cenovus President and CEO, Alex Pourbaix says while the company is still evaluating whether to proceed with West White Rose, the capital risk will be reduced if they decide to move forward. Canadian energy company Suncor and its partners in the Terra Nova FPSO and field located off Canada have finalized the agreement to restructure the project ownership and move forward with the Asset Life Extension Project. 'published_date' : '2021-09-09', Terra Nova FPSO; Source: Suncor. Terra Nova owners reach restructuring agreement - CAPP 'tag' : 'Production_Start_Up,Govt_Regulatory,Field_Development,Analysis_Trends,Maritime,Offshore', The asset life extension project will support the goals outlined in Advance 2030: The Way Forward on Oil and Gas, which was developed to position Newfoundland and Labrador as a globally-preferred location for oil and gas development. The economic impact report by Jupia Consultants uses Statistics Canada data, as well as data available from Budget 2021 such as $64 USD per barrel oil price and an average royalty equivalent to $11 per barrel, and an assumed $350 million capital investment into the asset life extension project in Newfoundland and Labrador. PDF Terra Nova Development - Sustainability at Suncor The oil and natural gas industry is a major economic contributor in Newfoundland and Labrador, and has the potential to get much bigger. What do you think? Honourable Siobhan Coady In an update earlier this week, Suncor said the co-owners of the Terra Nova FPSO and associated Terra Nova field, had reached an agreement in principle to restructure the project ownership and provide short-term funding towards continuing the development of the Asset Life Extension Project, with the intent to move to a sanction decision in the . The Terra Nova FPSO arrived at the state-owned shipyard a year ago, has undergone an extensive life extension overhaul, and is scheduled to return to Canadian waters by the end of this month . For months, the FPSO has been moored dockside at the Bull Arm fabrication site in Trinity Bay as Suncor and its field partners struggle to find the best path forward for the project. Jose Tremblay Government funding support and equity restructuring help the Terra Nova project move forward until final decision this fall. Terra Nova partners sanction life extension project Terra Nova being sanctioned means 100s of NLers start heading back to work tomorrow. Each day, a trio of divers exit their pressurized chambers, where they are constantly monitored by a support team that includes medical staff, and climb into another chamber, called a diving bell, that lowers them to the ocean floor. Premier Andrew Furey says hes pleased that the project owners have decided to sanction the Asset Life Extention, something he calls great news for the hard-working families connected to it., I am very pleased the Terra Nova project owners decided to sanction the Asset Life Extension great news for the hard-working families connected to it. Suncor said Wednesday that production volumes for its E&P Canada . document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); 2020 - energycapitalmedia.com An analysis completed in June 2021 shows the economic impact of the Terra Nova: the project has the potential to support over 1,700 jobs and $138 million in wages during the asset life extension project stage. Today, Noia represents approximately 460 member organizations worldwide which are involved in, or benefit from, the oil and gas industry of Newfoundland and Labrador. archive. As part of the project, the FPSO will undergo maintenance work at the Bull Arm Fabrication site starting early September prior to sailing to dry dock in Ferrol, Spain, later this year with a return to operations anticipated before the end of 2022. This news release contains certain forward-looking information and forward-looking statements (collectively referred to herein as forward-looking statements) within the meaning of applicable Canadian and U.S. securities laws.

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