Press

Suncor Energy Acquires Additional Interest in Syncrude and Interest in Norway’s Fenja Field


CALGARY, Alberta, Feb. 12, 2018 (GLOBE NEWSWIRE) -- Suncor today announced it has reached an agreement to acquire Mocal Energy's 5% interest in the Syncrude joint venture for US$730 million, or approximately Cdn$920 million, subject to closing adjustments. The transaction will be effective as of Jan.1, 2018 and is anticipated to close in the first quarter of 2018.

“This transaction reflects our confidence in the long-term future of the oil sands and the high quality and value of the Syncrude asset, adding 17,500 barrels per day of high quality light sweet synthetic crude capacity to our portfolio,” said Steve Williams, president and chief executive officer. “We will continue to work closely with our joint venture partners and the operator, Syncrude, to accelerate performance improvements and seek regional synergy opportunities.”

Through this transaction Suncor's share in the Syncrude joint venture will increase from 53.74% to 58.74%. Subsequent to the successful close of this transaction, the joint venture partners will be Suncor (58.74%), Imperial Oil Resources (25%), Sinopec Oil Sands Partnership (9.03%) and Nexen Oil Sands Partnership (7.23%).

Suncor also announced today an acquisition by its wholly owned subsidiary, Suncor Energy Norge AS, of a 17.5% participating interest in the Fenja Development from Faroe Petroleum for US$54.5 million or approximately Cdn$68 million, subject to closing adjustments. The transaction is effective Jan.1, 2018 and is expected to close in the second quarter of 2018.

The transaction is a strategic fit within the Suncor offshore portfolio adding a de-risked project that is expected to provide profitable growth in an area where Suncor has existing knowledge, expertise and assets.

The Fenja field was discovered in 2014, in the Norwegian Sea, approximately 30 kilometres southwest of the Statoil-operated Njord field. The development concept is a subsea tie-back to the Statoil-operated Njord platform. Production is planned to start up in 2021. Suncor's share of go-forward capital is estimated to be Cdn$280 million, based on the operator's gross projected development cost of NOK 10.2 billion.
                                                                                                      
The transaction is subject to customary closing conditions and regulatory approvals as well as approval of the Fenja Plan for Development and Operation (PDO) by the Norwegian Ministry of Petroleum and Energy. Subsequent to the successful close of this transaction, the joint venture partners will be operator VNG Norge (30%), Point Resources (45%), Suncor (17.5%) and Faroe Petroleum (7.5%).


Visit source site

globenewswire.com/news-release/2018/02/12/1338893/...

Suncor EnergyCanadaNorwayFenja FieldNorwaySyncrudeInterest

More items from oilvoice


Schlumberger Announces Second-Quarter 2018 Results

Revenue of $8.3 billion increased 6% sequentially Pretax operating income of $1.1 billion increased 12% sequentially Second-quarter GAAP EPS, including charges of $0.12 per share, was $0.31 Second-quarter EPS, excluding charges, was $0.43 Cash flow from operations was $987 million PARIS , J ...

OilVoice Press - OilVoice


Posted 1 day agoPress > ResultsEarningsSchlumberger +1

Baker Hughes, a GE company Announces Second Quarter 2018 Results

Orders of $6.0 billion for the quarter, up 15% sequentially and up 9% year-over-year on a combined business basis* Revenue of $5.5 billion for the quarter, up 3% sequentially and up 2% year-over-year on a combined business basis GAAP operating income of $78 million for the quarter, inc ...

OilVoice Press - OilVoice


Posted 1 day agoPress > ResultsEarningsGE +3

Genel Energy: Receipt of Payment for KRI Oil Exports

Genel Energy plc ('Genel' or 'the Company') notes the announcement from DNO ASA, as operator of the Tawke PSC, that the Tawke partners have received $62.33 million from the Kurdistan Regional Government ('KRG') as payment for April 2018 crude oil deliveries to the export market from the Tawke licen ...

OilVoice Press - OilVoice


Posted 1 day agoPress > Genel EnergyPaymentKRI +8

Delaying Mexico’s 2018 Bidding Rounds is a Smart Move by CNH, Says GlobalData

Following the news (Wednesday 18 th July 2018) that Mexico's hydrocarbons agency re-scheduled bidding rounds 3.2, 3.3, and onshore farm-out round for February 2019, which was originally planned for the second half of 2018, Adrian Lara, Senior Oil and Gas Analyst at GlobalData , a leading ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > GlobalDataMexicoBidding Round +2

Major Utilities Continue to Increase Spending on U.S. Electric Distribution Systems

Source: U.S. Energy Information Administration, Federal Energy Regulatory Commission (FERC) Financial Reports, as accessed by Ventyx Velocity Suite Spending on electricity distribution systems by major U.S. electric utilities—representing about 70% of total U.S. electric load—has risen 54% o ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > United StatesUSEIA +4
All posts from oilvoice