Suncor Energy provides update on White Rose asset
CALGARY, Alberta, Sept. 08, 2021– Suncor today announced it has entered into a conditional agreement to increase its interest in the White Rose asset subject to a restart decision on the West White Rose project.
As part of the conditional agreement, Cenovus, the operator, will complete a restart evaluation for the West White Rose project by mid 2022. Should the project economics be robust enough to lead to a restart decision, Suncor has agreed to increase its interest in the White Rose offshore field by 12.5% (from 27.5% to approximately 40%) in exchange for a cash payment by Cenovus to Suncor. Suncor would assume capital commitments on the 12.5% additional interest on a go-forward basis only.
No significant capital spend is expected before 2023 and both companies will work together to increase the efficiency of this asset.
The White Rose asset joint venture owners are Cenovus (operator) and Suncor. The West White Rose Project joint venture owners are Cenovus (operator), Suncor and Nalcor.
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