The FPSO was recently moved from its offshore location to the Conception Bay at St. John's - Map Credit: VesselsValue. The Terra Nova FPSO's AIS data shows that the vessel recently arrived at St. John's Conception Bay. The other co-owners are Cenovus and Murphy Oil, who, joint with Suncor, will now control 100% of the project. Suncor would assume capital commitments on the 12.5 per cent additional interest on a go-forward basis only. All rights reserved. CALGARY, Alberta, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Suncor today announced that the co-owners of the Terra Nova Floating, Production, Storage and Offloading (FPSO) facility and associated Terra Nova Field (Terra Nova) have finalized the agreement to restructure the project ownership and move forward with the Asset Life Extension Project. The Asset Life Extension Project is expected to extend production life by approximately 10 years, providing an additional 70 million barrels of resource for the partnership. Canadian energy company Suncor has revealed that the Terra Nova life extension project is making progress with expectations for the subsea campaign to be completed by the end of this month and the FPSO to come back to Canada before the end of the year. Independent Analysis Shows Substantive Economic Impact of Terra Nova Terra Nova to sail for Spain as troubled project takes major step The province has five producing fields, more than 650 leads and prospects, and an ongoing, world-class seismic program with more than 20 basins mapped. An analysis completed in June 2021 shows the economic impact of the Terra Nova: the project has the potential to support over 1,700 jobs and $138 million in wages during the asset life extension project stage. This agreement also provides certainty for the 1,000 plus local direct and indirect jobs that support the project, said Mark Little, Suncor president and chief executive officer. Suncors actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them. archive. Discover the vessel's particulars, including capacity, machinery, photos and ownership. PDF Terra Nova Development - Sustainability at Suncor The government of Newfoundland and Labrador provided royalty adjustments valued at approximately $300 million to support the project, and allocated $205 million in funding to the project, from the previously announced $320 million federal fund for the offshore oil and natural gas industry. It is estimated the extension will allow the Terra Nova FPSO to produce an additional 80 million barrels of oil. Canadian FPSO on track to return to home waters before year-end Daily news and in-depth stories in your inbox, The companies awarded by MEA get the opportunity to work closely together with a transnational team of Marine Energy experts on both the technical advancement of their technology, as well as the development of their commercial strategy and business plans. Cenovus issued a release yesterday indicating that it has entered into agreements with its partners in the Atlantic region to restructure its working interests in the Terra Nova and White Rose projects. 709-729-5777, 631-8155 Context: Energy Examined aims to provide an engaging insiders perspective for the public. In 2019, the co-owners sanctioned plans to proceed with a project to extend the FPSO vessels life to approximately 2031 but the extension project was canceled due to COVID-19. We appreciate the deep collaboration and support from the provincial and federal governments, which has been crucial to helping us reach this important milestone.. FPSO ownership restructured in eastern Canada - The Energy Year 'content_origin' : 'Original Content', A deep dive into the Terra Nova upgrades | Suncor It began production in 2002. Articles range from features on key and timely industry issues, profiles of people working in Canadas oil and gas sector and educational content and news designed to build industry knowledge. Jose Tremblay Suncor aims for early 2023 production restart for Terra Nova FPSO Tucked away in saturation chambers that maintain air pressure that coincides with 100 metres below the oceans surface, divers on the dive support vessel (DSV), the Seven Falcon, wait until their next six-hour shift. Per the announcement, the companies also said the FPSO will undergo maintenance work at the Bull Arm Fabrication site starting early September. In total, the project has the potential to support over 1,700 jobs and $138 million in wages during the asset life extension project stage and almost 3,400 jobs and $139 million in wages annually during its ten years of operation in Newfoundland and Labrador. Suncor had previously announced that the Terra Nova asset life extension project aims to prolong the life of the FPSO by about a decade to 2031 and produce an additional 80 million barrels. Five more years at Canadian firms oil field lay in store for Thai FPSO, Probe into incident with potential for fatality at ExxonMobils Hebron platform underway, Controversial Bay du Nord oil project awaits outcome of court challenge, Wrtsil lands FPSO operation and maintenance job off Brazil, World Energy GH2 acquires Port of Stephenville, With preventive maintenance mode turned off, Brazilian FPSO back online. Each service offer is intended to put the companys technology and business firmly on the [], Canadian FPSO still on track to come back online next year, Canadian oil & gas player facing charges over FPSO incident, LNG-powered Silver Nova wraps up sea trials, Experienced master for Aramco/Adnoc projects, Terra Nova partners sanction life extension project, Suncor restructuring Terra Nova ownership to secure life extension funding, Equinor buying Suncors UK assets for $850 million, Canadian oil & gas player runs into cyber security incident, Following lifetime extension, Canadian field gets oil resources upgrade, Woodside sanctions $7.2 billion deepwater oil project. We are the first magazine for Infrastructure Developers, Investors, and Industrial Users, across all energy sectors: power, midstream, upstream, and downstream. Suncor has announced that the co-owners of the Terra Nova Floating, Production, Storage and Offloading (FPSO) facility, and associated Terra Nova field, have finalized an agreement to restructure the project ownership and move forward with an asset life extension development. The Terra Nova field is located offshore approximately 217 miles southeast of Newfoundland and Labrador. Cenovus and its partners continue to evaluate their options on the West White Rose Project, with a decision to be made by mid-2022. Wed love to hear from you, join the conversation on the Police in Grand Falls-Windsor Searching for Escaped Prisoner, Canadian Artist, TALK, Added to Churchill Park Music Festival Lineup, Police Catch Shoplifter Red-Handed in Mount Pearl, Metro Police Nab Driver With Canada-Wide Suspension, Government Employee Had Second Full-Time Job While Working from Home, OceanGate Ceases All Commercial, Exploration Operations. Suncor Energy is Canada's leading integrated energy company, with a global team of over 30,000 people. lisalawlor@gov.nl.ca, Terra Nova FPSO Life to be Extended by 10 Years. News release Suncor Energy confident in East Coast Canada energy future: moves forward with Terra Nova Asset Life Extension https://t.co/UJ0AFU67Jd, In this sense, Mark Little, Suncor president, and chief executive officer, commented; The decision to move forward with the Terra Nova project is a concrete example of Suncors commitment to invest in projects that have strong economic returns., Similarly, Little noted that this type of project could provide long-term value for investors. Two divers exit the diving bell and swim to the equipment to do maintenance work and complex tasks on the equipment that attaches to the FPSO from the floor of the Atlantic Ocean. Each day, a trio of divers exit their pressurized chambers, where they are constantly monitored by a support team that includes medical staff, and climb into another chamber, called a diving bell, that lowers them to the ocean floor. Work to extend the life of the FPSO will begin in 2020. No injuries were reported. A comparison between Newfoundland and Labrador and Norway suggests Canadas regulatory system could be streamlined. He can be reached at, April 3, 2023 Blake Wright What are you interested in (required) Under the agreement, Cenovus would reduce its stake in the original field to 60 per cent from 72.5 per cent and to 56.375 per cent from 68.875 per cent in the satellite extensions. Suncor Energy has announced a plan to extend the life of the Terra Nova FPSO has been reached. Suncor said Wednesday that production volumes for its E&P Canada . Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Meanwhile, while the news is good for Terra Nova, the future of West White Rose remains uncertain. PowerUpstreamMidstreamDownstream. Mark Little, Suncor president and chief executive officer, said: The decision to move forward with the Terra Nova project is a concrete example of Suncors commitment to invest in projects that have strong economic returns and will provide long-term value for investors. This is designed to extend the life of the field and its FPSO, 350 km (217 mi) southeast of Newfoundland, by around a decade until 2031, and is due to be executed in 2020. According to a media release issued Wednesday night by the corporation, the lead operator of. Suncor expects production to resume early 2023. https://www.facebook.com/offshoremagazine, https://www.linkedin.com/company/offshore-magazine, https://www.youtube.com/channel/UCy4hHphyg7qfjoI9EaEiOFA, Illustration by Neptune Energy; Courtesy Sval Energi, Suncor offloads Norway E&P interests to Sval Energi, Photo 11024189 Trondur | Dreamstime.com, Suncor lists offshore Norway interests for sale, Agreement in principle for resumption of Terra Nova operations, Suncor reviewing offshore Newfoundland Terra Nova field options, North Star vessel assigned extra work for North Sea Dogger Bank wind farm, Bernhard Schulte orders more offshore wind support vessels from Ulstein, Transocean Norwegian rig contracted to 2026, Report: Harsh-environment semisubmersible rig market sells out. Vessel TERRA NOVA FPSO is a Floating Storage/Production, Registered in Canada. Reports recommend recovery actions for NLs offshore industry, CAPP releases energy platform document for Newfoundland and Labrador, Offshore emissions reduction research gets major funding. July 9, 2023 - Do you think the price of groceries will return to pre-pandemic levels. The Terra Nova field is located 350 km southeast of Newfoundland and Labrador. This magazine website is published by the Canadian Association of Petroleum Producers as part of an ongoing dialogue with Canadians. Suncor aims for early 2023 production restart for Terra Nova FPSO document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); 2020 - energycapitalmedia.com "Noia understands the business requirements of Suncor Energy to set a deadline for a decision on the Asset Life Extension Program of the Terra Nova FPSO and we remain hopeful that an agreement will be reached prior to June 15. One of the largest FPSO vessels ever built, the Terra Nova is 292.2 metres long and 45.5 metres wide, approximately the size of three football fields laid end to end. Suncor said on Wednesday that the agreement also included the previously disclosed royalty and financial support from the Government of Newfoundland and Labrador including up to $205 million, on a matching contribution basis, to support local onshore and offshore work related to the Asset Life Extension Project. Forward-looking statements in this news release include statements and expectations regarding the Terra Nova FPSO facility and Asset Life Extension Project, including the expectation that. This past December Suncor's Terra Nova Floating Production Storage and Offloading (FPSO) vessel and crew safely arrived in Ferrol, Spain after a 15 day, 2,000 nautical mile trip across the North Atlantic. August 18, 2022, by Nermina Kulovic. Although this agreement is not a guarantee, it sets a path forward in the next few months to secure a return to operations for many years to come, comments Suncor president and CEO Mark Little. Moreover, this extension project could end up providing many benefits to the Newfoundland and Labrador, and Canadian economies. Canadian Association of Petroleum Producers, Front-line workers help Suncor win safety award, Newfoundland and Labrador Offshore: Big numbers, big potential, Offshore Oil and Gas: The next generation is here, Value of the NL offshore oil and gas industry. Suncor Energy's ageing Terra Nova floating production, storage and offloading vessel has arrived in Spain for vital upgrade and repair work that will keep her stationed offshore Canada for 10 more years. Suncor now owns 48 per cent of the project, up from 38 per cent, Cenovus owns 34 per cent, up from 13 per cent and Murphy Oil owns 18 per cent, up from 10 per cent. With the potential of our offshore, including the potential for an additional 80 million barrels from the Terra Nova field, these are not conversations I expect or want to have.. Government funding support and equity restructuring help the Terra Nova project move forward until final decision this fall. The Journal of Petroleum Technology, the Society of Petroleum Engineers flagship magazine, presents authoritative briefs and features on technology advancements in exploration and production, oil and gas industry issues, and news about SPE and its members. Canadian FPSO leaves dry dock in Spain | Upstream Online Get the details of the current Voyage of TERRA NOVA FPSO including Position, Port Calls, Destination, ETA and Distance travelled - IMO 9183532, MMSI 316298000, Call Sign VCXF The firms two primary consultants have over 30 years of combined experience working with economic development agencies, government departments, industry associations and corporate clients across Canada. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges. Forward-looking statements are based on Suncors current expectations, estimates, projections and assumptions that were made by the company in light of its information available at the time the statement was made and consider Suncors experience and its perception of historical trends, including expectations and assumptions concerning: the accuracy of reserves estimates; the current and potential adverse impacts of the COVID-19 pandemic, including the status of the pandemic and future waves and any associated policies around current business restrictions, shelter-in-place orders or gatherings of individuals; commodity prices and interest and foreign exchange rates; the performance of assets and equipment; capital efficiencies and cost savings; applicable laws and government policies; future production rates; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour, services and infrastructure; the satisfaction by third parties of their obligations to Suncor; the development and execution of projects; and the receipt, in a timely manner, of regulatory and third-party approvals. In fact, these activities will be implemented prior to sailing to the dry dock in Ferrol, Spain, later this year. Suncor Greenlights Terra Nova Asset Life Extension | Rigzone (St. John's, NL - June 11, 2021) With the Suncor Energy deadline of June 15, 2021 quickly approaching for a decision on the asset life extension (ALE) project or abandonment of the Terra Nova FPSO, Noia has undertaken an analysis of the financial benefits of the Terra Nova project. Terra Nova gets 10-year extension | Offshore All Right Reserved. Natural Resources Suncor estimates about 80 million barrels of oil remain in the Terra Nova field. However, oil and gas has not flowed from the field in over a year. On 14 January 2021, the Government of Newfoundland and Labrador announced a nonbinding Memorandum of Understanding had been reached with Suncor and the other project owners in order to strengthen the economics of extending the life of the project. Today, Suncor announced that the co-owners of the Terra Nova Floating, Production, Storage, and Offloading (FPSO) facility and associated Terra Nova Field have finalized the agreement to restructure the project ownership. The operator recently issued Expressions of Interest (EOI) related to the FPSO, including two that prepare for decommissioning of the vessel and the field, while another provides an update to a previous EOI preparing for remediation of the FPSO to support the asset life-extension project. A member of Dow Jones Sustainability indexes, FTSE4Good and CDP, Suncor is responsibly developing petroleum resources, while profitably growing a renewable energy portfolio and advancing the transition to a low-emissions future. 'content_type' : 'About the Industry', The Rigzone Social Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy. Suncor's operations include oil sands development, production and upgrading, offshore oil and gas, petroleum refining in Canada and the US, and our national Petro-Canada retail distribution network (now including our Electric Highway network of fast-charging EV stations). ssdl.editorialMetaData = { 'Country' : 'All', I understand the deadline to reach a deal on the Terra Nova Project was extended to April 30which has now passedand NOIA is encouraging all parties to reach an agreement as quickly as possible.. Partners include ExxonMobil at 19%; Equinor at 15%; Husky Energy (Cenovus) at 13%; Murphy Oil at 10.475%; Mosbacher Operating at 3.85%; and Chevron Canada at 1%. It's part of the work underway to extend the life of the vessel by another decade. According to Suncor, the agreement also includes the royalty and financial support from the Government of Newfoundland and Labrador; thus, including up to $205 million to support local onshore and offshore work related to the Asset Life Extension Project. March 2023 The Trilemma and a Liquified, February 2023 Worlds power grid: the urge, January 2023 The ESGs impact around the, December 2022 The most recent horizons for, Unlocking the Potential of Geothermal Energy: A Path, Energizing the Future: DOEs New Initiative to Decarbonize, $26 Million for Clean Energy Grid Projects: A, TotalEnergies Secures Approval for 3 GW Solar Projects, TotalEnergies proposes an ordinary dividend for fiscal year, AIC Global Holdings Inc hires Dr. Stephen Bushby, Transparent Energy deepens renewable energy leadership and capabilities, Biden-Harris Administration announced earmarked for Infrastructure Investment and, Hawaiian Electric selects seven solar and storage projects. Your e-mail (required) The storage capacity of the Terra Nova FPSO is 960,000 barrels of oil with . It is estimated the extension will allow the Terra Nova FPSO to produce an additional 80 million barrels of oil. The vessel is 292.2 meters . Premier Andrew Furey says hes pleased that the project owners have decided to sanction the Asset Life Extention, something he calls great news for the hard-working families connected to it., I am very pleased the Terra Nova project owners decided to sanction the Asset Life Extension great news for the hard-working families connected to it. Now, the focus is on fabric maintenance, such as rust removal, painting, new insulation and new heat tracing. It should deliver a further 80 MMbbl. Noia members are a diverse representation of businesses that range from offshore supply boats and helicopters, health and safety equipment and training, engineering solutions and fabricators to law firms and human resource agencies. To contact the author, emailandreas.exarheas@rigzone.com. The asset life extension project is expected to allow the facility to capture approximately 80 million additional barrels of oil for the Terra Nova partnership. Accordingly, they will now move forward with the Asset Life Extension Project. As we get into the final hours available for the parties involved to find a resolution that puts the Terra Nova FPSO back into production, the financial impacts of this project must be considered. This content is available after accepting the cookies. We understand it has already provided billions of dollars in revenue and taxes to the Government of Newfoundland and Labrador and our economic impact report demonstrates that a billion dollars more remains available. The biggest component of the ALE project is the work being done to the ship in Spain, but we also have divers working underwater 350 kilometres offshore of Newfoundland and Labrador, said Kirk Goobie, GM Operations, Life Extension Project. Based in Houston, his areas of special focus include emerging oilfield technologies and field development trends. The operator recently issued Expressions of Interest (EOI) related to the FPSO, including two that prepare for decommissioning of the vessel and the field, while another provides an update to a previous EOI preparing for remediation of the FPSO to support the asset life-extension project. Suncor Reaches Deal to Extend Life of Terra Nova Project After months of uncertainty, Suncor has announced that it is moving ahead with the asset life extension for the Terra Nova project. Before it departed Newfoundland, additional maintenance work was completed at the Bull Arm fabrication site. Following maintenance work in late 2021, the FPSO in December 2021 sailed away from the coast of Newfoundland and Labrador to Ferrol, Spain where it has been for eight months. 'company_sentiment' : 'Positive', One diver remains in the diving bell as an emergency backup. 'longevity' : 'News', (Photo via Suncor.) Today Energy NL represents over 460 member organizations worldwide which are involved in, or benefit from, the energy industry of Newfoundland and Labrador. We expect this project will add about 80 million barrels of resources to the partnership and extend the life of the asset by 10 years. If sanctioned, the asset extension project will preserve jobs, continue to provide revenues for government through royalties and taxes, and supply responsibly produced energy to the world. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
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