Ithaca Energy agrees to buy Suncor’s offshore Canada assets for $860 million
SU•Ithaca Energy agreed to buy Suncor’s offshore Newfoundland and Labrador oil assets for $860 million upfront, plus up to $250 million in Brent-linked contingent consideration. The assets add 103 million barrels of 2P reserves and are expected to lift average 2P production by about 30,000 boe/d in 2027–2031.
1. Deal terms and assets
The transaction includes a 48% operated stake in Terra Nova, a 40% non-operated interest in White Rose Existing Lands and a 38.6% stake in White Rose Growth Lands. Up to $250 million in contingent consideration is tied to Brent prices over a 27-month period starting July 1, 2026.
2. Financing and timing
Ithaca plans to finance the purchase with cash on hand, its borrowing base facility and secured in-country financing. Completion is targeted for the first half of 2027.
