Suncor Energy has agreed to sell its stakes in the Terra Nova, White Rose and West White Rose projects off Newfoundland and Labrador to Ithaca Energy for C$1.2bn in cash, with up to C$350m more payable depending on oil prices. The deal was announced in early October 2026.
Deal terms and financing
Ithaca pays C$1.2bn upfront plus a contingent payment of up to C$350m (about US$250m). It also assumes around C$1.9bn of future liabilities, including a C$500m Terra Nova well-compliance programme from 2027 and roughly C$1.4bn of abandonment and lease obligations. The sale is effective from 1 July 2026.
Regulatory approvals and timing
Completion is targeted for early 2027, subject to regulatory approvals and partner consents. Ithaca plans to take over operatorship of Terra Nova.
Market context
Suncor is concentrating capital on its oil-sands base and keeps its Hibernia and Hebron interests; alongside the sale it lifted monthly buybacks to C$750m from C$500m. For Ithaca, the purchase is its first international acquisition and gives it a foothold offshore eastern Canada.
