Suncor Sells Newfoundland Oil Fields to Ithaca Energy for $1.2 Billion

Suncor Energy Inc. is selling its interests in three oil fields off the coast of Newfoundland to Ithaca Energy PLC for $1.2 billion. The deal includes a 48% stake in Terra Nova, 40% in White Rose, and 38.6% in West White Rose, with a potential contingent payment of $350 million based on future oil prices.

The divestment allows Suncor to focus on its primary cash-generating oil sands assets in northern Alberta, though the company will retain its stakes in the Hibernia and Hebron fields. Suncor also announced an increase in its monthly share repurchase budget, raising it from $500 million to $750 million.

Ithaca Energy, a major operator in the British North Sea, will become the operator of Terra Nova through this transaction, which marks the company's first international acquisition. The deal is expected to close in early 2027.