Suncor Energy acquires additional interest in Syncrude and interest in Norway’s Fenja field
12 Febbraio 2018 - 12:30PM
All financial figures are in Canadian dollars, unless otherwise
noted
Suncor today announced it has reached an agreement to
acquire Mocal Energy’s 5% interest in the Syncrude joint
venture for US$730 million, or approximately Cdn$920 million,
subject to closing adjustments. The transaction will be effective
as of Jan.1, 2018 and is anticipated to close in the first quarter
of 2018.
“This transaction reflects our confidence in the long-term
future of the oil sands and the high quality and value of the
Syncrude asset, adding 17,500 barrels per day of high quality light
sweet synthetic crude capacity to our portfolio,” said Steve
Williams, president and chief executive officer. “We will continue
to work closely with our joint venture partners and the operator,
Syncrude, to accelerate performance improvements and seek regional
synergy opportunities.”
Through this transaction Suncor's share in the Syncrude joint
venture will increase from 53.74% to 58.74%. Subsequent to the
successful close of this transaction, the joint venture partners
will be Suncor (58.74%), Imperial Oil Resources (25%), Sinopec Oil
Sands Partnership (9.03%) and Nexen Oil Sands Partnership
(7.23%).
Suncor also announced today an acquisition by its wholly owned
subsidiary, Suncor Energy Norge AS, of a 17.5% participating
interest in the Fenja Development from Faroe Petroleum for US$54.5
million or approximately Cdn$68 million, subject to closing
adjustments. The transaction is effective Jan.1, 2018 and is
expected to close in the second quarter of 2018.
The transaction is a strategic fit within the Suncor offshore
portfolio adding a de-risked project that is expected to provide
profitable growth in an area where Suncor has existing knowledge,
expertise and assets.
The Fenja field was discovered in 2014, in the Norwegian Sea,
approximately 30 kilometres southwest of the Statoil-operated Njord
field. The development concept is a subsea tie-back to the
Statoil-operated Njord platform. Production is planned to start up
in 2021. Suncor’s share of go-forward capital is estimated to be
Cdn$280 million, based on the operator’s gross projected
development cost of NOK 10.2
billion.
The transaction is subject to customary closing conditions and
regulatory approvals as well as approval of the Fenja Plan for
Development and Operation (PDO) by the Norwegian Ministry of
Petroleum and Energy. Subsequent to the successful close of this
transaction, the joint venture partners will be operator VNG Norge
(30%), Point Resources (45%), Suncor (17.5%) and Faroe Petroleum
(7.5%).
Legal Advisory – Forward-Looking
Information
This news release contains certain forward-looking information
and forward-looking statements (collectively referred to herein as
“forward-looking statements”) within the meaning of applicable
Canadian and U.S. securities laws. Forward-looking statements in
this news release include references to: the acquisitions,
including the effective dates and closing and the anticipated
timing thereof; the long-term future of the oil sands; the expected
production capacity of high quality light sweet synthetic crude to
be added to Suncor’s portfolio from the acquisition of the 5%
interest in Syncrude; plans to continue to work closely with our
joint venture partners and the operator, Syncrude, to accelerate
performance improvements and seek regional synergy opportunities;
and statements about the Fenja Development, including the
expectation that the project will provide profitable growth, the
planned timing for the startup of production, Suncor’s estimated
share of go-forward capital, and the operator’s gross projected
development cost. Forward-looking statements may be identified by
words like “will”, “anticipated”, “expected”, “planned”, “future”
and similar expressions.
Forward-looking statements are based on Suncor’s 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 Suncor’s experience and its
perception of historical trends, including expectations and
assumptions concerning: the accuracy of reserves and resources
estimates; commodity prices and interest and foreign exchange
rates; the performance of assets and equipment; capital
efficiencies and cost savings; applicable laws and government
policies, including royalty rates and tax laws; future production
rates; the sufficiency of budgeted capital expenditures in carrying
out planned activities; the availability and cost of labour and
services; the satisfaction by third parties of their obligations to
Suncor; and the receipt, in a timely manner, of regulatory and
third-party approvals.
Forward-looking statements and information are not guarantees of
future performance and involve a number of risks and uncertainties,
some that are similar to other oil and gas companies and some that
are unique to Suncor. Suncor’s 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.
Suncor’s Report to Shareholders for the Fourth Quarter of 2017
dated February 7, 2018 and its Annual Information Form, Form 40-F
and Annual Report to Shareholders, each dated March 1, 2017, and
other documents it files from time to time with securities
regulatory authorities describe the risks, uncertainties, material
assumptions and other factors that could influence actual results
and such factors are incorporated herein by reference. Copies of
these documents are available without charge from Suncor at 150 6th
Avenue S.W., Calgary, Alberta T2P 3E3; by email request to
invest@suncor.com; by calling 1-800-558-9071; or by referring to
suncor.com/FinancialReports or to the company’s profile on SEDAR at
sedar.com or EDGAR at sec.gov. 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.
Suncor Energy is Canada's leading integrated energy company.
Suncor's operations include oil sands development and upgrading,
offshore oil and gas production, petroleum refining, and product
marketing under the Petro-Canada brand. A member of Dow Jones
Sustainability indexes, FTSE4Good and CDP, Suncor is working to
responsibly develop petroleum resources while also growing a
renewable energy portfolio. Suncor is listed on the UN Global
Compact 100 stock index. Suncor's common shares (symbol: SU) are
listed on the Toronto and New York stock exchanges.
For more information about Suncor, visit our web
site at suncor.com, follow us on Twitter @Suncor or
together.suncor.com
Media inquiries:403-296-4000media@suncor.com
Investor inquiries:800-558-9071invest@suncor.com
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