Suncor agrees to sell Terra Nova, White Rose stakes to Ithaca for C$1.2 billion upfront
SU•Suncor agreed to sell its stakes in the Terra Nova, White Rose and West White Rose offshore assets to Ithaca for C$1.2 billion in cash, plus up to C$350 million tied to future oil prices. Ithaca will assume specified future liabilities; closing is expected in early 2027.
1. Sale terms
The deal includes up to C$350 million in contingent payments tied to future oil prices. Ithaca will assume future liabilities, including a C$500 million Terra Nova well compliance program starting in 2027 and about C$1.4 billion in abandonment and lease liabilities. The transaction is effective July 1, 2026, with closing expected in early 2027.
