CALGARY – Suncor Energy Inc. says it has signed a deal to sell a group of non-core offshore assets to Ithaca Energy plc.
Under the agreement, Ithaca will make an upfront payment $1.2 billion plus up to an additional $350 million in contingent payments, based on future oil prices.
The deal includes a 48 per cent interest in Terra Nova, a 40 per cent interest in White Rose and a 38.6 per cent stake in interest in West White Rose.
In addition, Ithaca will assume investment commitments and all future liabilities associated with the assets, including a $500-million regulatory well compliance program starting in 2027 at Terra Nova and total estimated abandonment and lease liabilities of $1.4 billion.
The deal has an effective date of July 1, 2026, and is expected to close in early 2027, subject to customary closing conditions, regulatory approvals and partner consents.
Suncor will keep its interests in the Hebron and Hibernia operations.
This report by The Canadian Press was first published Oct. 5, 2026.
Companies in this story: (TSX:SU)