• Sign up for the Daily Digest E-mail
  • Facebook
  • X
  • LinkedIn

BOE Report

Sign up
  • Home
  • StackDX Intel
  • Headlines
    • Latest Headlines
    • Featured Companies
    • Columns
    • Discussions
  • Well Activity
    • Well Licences
    • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts/Data
    • CAOEC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
    • Data
      • Canada Oil Market Data
      • Canada NG Market Data
      • USA Market Data
      • Data Downloads
  • Jobs

Suncor eyeing ‘material presence’ in Norway

December 4, 20132:10 PM The Canadian Press

CALGARY – Suncor Energy Inc. (TSX:SU) hopes to build a “material presence” in offshore Norway, its senior vice president of exploration and production said Wednesday.

But Francois Langlois said Suncor, best known as a dominant oilsands producer, is in no hurry to grow its interests in the international and offshore spheres.

“It’s not urgent that we do this. We’re not pressured in being a high-risk explorer that throws a lot of money at exploration,” Langlois said on Suncor’s investor day webcast.

Not much more than 10 to 15 per cent of his business unit’s budget is being spent on exploration, he said.

“It’s a measured approach.”

Langlois described Norway as a “principle exploration theatre” for Suncor.

The company has had a presence in the Scandinavian country for seven years, and has acquired about 15 licences across the North Sea, Norwegian Sea and Barents Sea. It’s appraising two discoveries there.

“Hopefully we’ll see them add to the bottom line as we move forward in our plans,” said Langlois.

Also on the webcast, CEO Steve Williams said Suncor has the financial strength to grow through acquisitions, but there’s nothing specific in its crosshairs at the moment.

“The firepower we have on our balance sheet is considerable,” he said.

“We’ll continue to look. I think the best time to do a good deal is when you’re not in a hurry to do it.”

Higher up on the priority list, Williams said, is investing in existing Suncor assets to help them run more efficiently, chasing attractive growth projects and returning cash to shareholders in the form of dividends and share buybacks.

That said, some opportunities may present themselves in Suncor’s core oilsands business.

“It’s becoming quite clearly a big company game in oilsands,” Williams said.

Potential acquisitions on Canada’s East coast or in the U.K. or Norwegian sectors of the North Sea might also be attractive.

“We understand those and we’ve been party to ventures there.”

Suncor

Follow BOE Report
  • Facebook
  • X
  • LinkedIn

Sign up for the BOE Report Daily Digest E-mail

Successfully subscribed

Latest Headlines
  • New oil and gas jobs from BOE Report Jobs
  • Hemisphere Energy Announces Normal Course Issuer Bid Renewal
  • Trump says US to impose 50% tariff on copper imports, copper futures jump
  • Canada maps out widening strait to LNG riches
  • Discount on Western Canada Select narrows

Return to Home
Alberta GasMonthly Avg.
CAD/GJ
Market Data by TradingView

    Report Error







    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    • Editorial Policy
    Resources
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contact
    • Report Error
    BOE Network
    © 2025 Stack Technologies Ltd.