Suncor Energy announced Sunday it had entered a definitive agreement to sell its 48 percent interest in Terra Nova, 40 percent in White Rose and 38.6 percent in West White Rose to London-based Ithaca Energy for C$1.2 billion (US$860 million) in upfront cash, plus a contingent payment of up to C$350 million (US$250 million) tied to Brent prices over 27 months from July 1, 2026.
The headline price understates what Ithaca is taking on. The buyer assumes a C$500 million regulatory well-compliance program at Terra Nova starting in 2027 plus estimated abandonment and lease liabilities of about C$1.4 billion. In return it gets 103 million barrels of 2P reserves with a 17-year life, around 200 million barrels of additional resources, and expected average production of about 30,000 boe/d from 2027 to 2031, rising to 35,000-40,000 in 2029 as West White Rose — operated by Cenovus, with first oil expected in Q4 2026 — ramps up. Ithaca intends to assume operatorship of Terra Nova.
“This acquisition marks the next era of growth for Ithaca Energy as we make our inaugural international acquisition,” said executive chairman Yaniv Friedman. For Suncor, the sale sharpens the portfolio around oil sands: CEO Rich Kruger said it focuses efforts “on opportunities that generate the greatest long-term shareholder value,” and the company raised its buyback to C$750 million a month from C$500 million starting in October. Suncor retains Hebron and Hibernia. Closing is expected in early 2027.