Suncor agrees to sell Terra Nova, White Rose stakes to Ithaca for Cdn$1.2 billion cash
SU•Suncor agreed to sell stakes in the Terra Nova, White Rose and West White Rose offshore assets to Ithaca Energy for Cdn$1.2 billion cash, plus up to Cdn$350 million in oil-price-linked contingent payments. Ithaca will assume estimated Cdn$1.4 billion in abandonment and lease liabilities; closing is expected in early 2027.
1. Sale terms
Ithaca will take on future investment commitments, including a Cdn$500 million Terra Nova well compliance program starting in 2027. The transaction has an effective date of July 1, 2026, and is expected to close in early 2027.
