2023 Endeavor Business Media, LLC. 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. On June 16, the co-owners of the Terra Nova floating production, storage and offloading (FPSO) facility and associated Terra Nova offshore field reached an agreement in principle to restructure project ownership and provide short-term funding to continue development of the Asset Life Extension Project, with the intent to move to a final project sanction decision in the fall. The field was discovered in 1984 and production began in 2002. 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. August 16, 2022 A deep dive into the Terra Nova upgrades It's hard to fathom something as long as three football fields laid end-to-end, with the capacity to store nearly a million barrels of oil, can gracefully float across an ocean. Accordingly, they will now move forward with the Asset Life Extension Project. Suncor estimates about 80 million barrels of oil remain in the Terra Nova field. 'tag' : 'Production_Start_Up,Govt_Regulatory,Field_Development,Analysis_Trends,Maritime,Offshore', @PremierofNL https://t.co/pZzQF9zWEH, Andrew Parsons (@Andrew_Parsons1) September 8, 2021. var ssdl = ssdl || {} Warning: It seems JavaScript is either disabled or not supported by your browser. Suncor May Look To Decommission Aging Terra Nova FPSO - JPT Per the announcement, the companies also said the FPSO will undergo maintenance work at the Bull Arm Fabrication site starting early September. The asset life extension project will support the goals outlined in Advance 2030: The Way Forward on Oil and Gas, which was developed to position Newfoundland and Labrador as a globally-preferred location for oil and gas development. 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. After months of uncertainty, Suncor has announced that it is moving ahead with the asset life extension for the Terra Nova project. Talks to save Terra Nova oilfield collapse after N.L. government rules 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. Terra Nova partners reached an agreement in principle to restructure the project ownership and provide short-term funding towards continuing the development of the Asset Life Extension Project back in June 2021. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); 2020 - energycapitalmedia.com This magazine website is published by the Canadian Association of Petroleum Producers as part of an ongoing dialogue with Canadians. The vessel and its crew arrived in the country on Tuesday. Independent Analysis Shows Substantive Economic Impact of Terra Nova The FPSO has arrived at Navantia's dry dock in El Ferrol, Galicia after a four-week voyage across the Atlantic Ocean from the Bull Arm . Terra Nova floater set to dock in Newfoundland for maintenance 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 the Asset Life Extension Project will extend production life by approximately 10 years, providing an additional 70 million barrels of resource for the partnership and provide many benefits to the Newfoundland and Labrador and Canadian economies in the form of taxes, royalties and employment, expectations regarding the maintenance work to be completed on the FPSO and that the FPSO will have a safe return to operations before the end of 2022, and the belief that this agreement will provide certainty for the 1,000 plus local direct and indirect jobs that support the project and similar statements. The Newfoundland and Labrador Oil and Gas Industries Association (Noia) was founded in 1977 to represent the supply and service sector of the offshore oil and gas industry. 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. Additionally, the companies shared it could provide an additional 70 million barrels of resource for the partnership. 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. The agreement also includes previously disclosed royalty and financial support from the Government of Newfoundland and Labrador, including up to $161.4 million (C$205 million), on a matching contribution basis, to support local onshore and offshore work related to the development, Suncor highlighted. 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. 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. The subsea work is expected to be complete by mid-August. Newfoundland and Labrador for the life of the Terra Nova development to create a lasting legacy from the province's first FPSO development. The asset life extension project will extend the life of the Terra Nova FPSO by 10 years to 2031 and demonstrates Suncor's commitment to our offshore oil and gas industry. 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. Terra Nova being sanctioned means 100s of NLers start heading back to work tomorrow. 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, Mark Little, Suncors president and chief executive officer, said in a company statement. The agreement also includes 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. The asset life extension project will extend the life of the Terra Nova FPSO by 10 years to 2031 and demonstrates Suncors commitment to our offshore oil and gas industry. It should deliver a further 80 MMbbl. Bay du Nord oil projects court saga draws to a close but will there be an encore? Forward-looking statements 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 Energy moves forward with Terra Nova Asset Life Extension. The agreement is welcome news, as the project was at risk of being shut down the FPSO has been offline since 2019 and requires significant upgrades to extend the life of the project. 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. 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.. The Terra Nova FPSO's AIS data shows that the vessel recently arrived at St. John's Conception Bay. PDF Terra Nova Development Canada-Newfoundland and Labrador Benefits Public What will happen if we no longer have a competitive oil and gas industry? How much do you know about Canadas offshore? Suncor, and the co-owners of the Terra Nova FPSO have finalized the agreement to restructure the project ownership and sanction plans to extend the life of the project. 'sector' : 'Production', The co-owners of the Terra Nova FPSO facility, and associated Terra Nova field, have finalized an agreement to restructure the project ownership and move forward with an asset life extension project. Terra Nova | Suncor The other co-owners are Cenovus and Murphy Oil, who, joint with Suncor, will now control 100% of the project. PDF Economic impact of the Terra Nova Asset Life Extension project - Energy NL Content is edited by CAPP Communications; questions on editorial content may be referred to [emailprotected]. Suncor restructuring Terra Nova ownership to secure life extension Vice President Harris announced New U.S. Support for, REPowerEU must tackle the energy crisis for citizens, Natural Gas Coalition sends letter to Congress opposing new methane tax, Walmart debuts in green bond market with $2 billion sale, Solar energy could power all U.S. homes by 2035; DOE, The Refinery Paradox An Outlook of Refineries in North America, Alberta gives grants to Canadas big oil companies for new COVID-19 contractors, DOE and GE Hitachi team up to lower advanced nuclear construction costs. The storage capacity of the Terra Nova FPSO is 960,000 barrels of oil with . Nearly 1,000 jobs were linked to the field at the end of 2019, which is the last time oil was produced by the Terra Nova FPSO, an aging floating production, storage and offloading vessel that. As a group we reach more than 850,000 people through our printed and digital channels per month: magazines, e-magazines, web sites, emailing, newsletters, and social media. If you are looking for articles published before 2016, visit the This agreement also provides certainty for the 1,000 plus local direct and indirect jobs that support the project. (St. Johns, 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. We are the first magazine for Infrastructure Developers, Investors, and Industrial Users, across all energy sectors: power, midstream, upstream, and downstream. (Photo via Suncor.) It is critical that Newfoundland and Labrador and Canada move immediately to implement key recommendations outlined in the Oil and Gas Recovery Task Force report with a vision of improving industry competitiveness. The report includes recommendations to governments, regulators and industry for concrete actions to drive the offshore industrys recovery. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Your e-mail (required) Honourable Siobhan Coady For months, the FPSO has been moored dockside at the Bull Arm fabrication site in Trinity Bay as Suncor and its field partners struggle to find the best path forward for the project. Terra Nova FPSO; Source: Suncor. For more information about Suncor, visit our web site at suncor.com, follow us on Twitter @Suncor, Media inquiries: 1-833-296-4570 media@suncor.com, Investor inquiries: 800-558-9071 invest@suncor.com. contract extension was executed during the period January 01, 2022 to March 31, 2022. . Jose Tremblay The move has the Newfoundland and Labrador Oil & Gas Industries Association (NOIA) concerned about the future of the vessel and the field. A comparison between Newfoundland and Labrador and Norway suggests Canadas regulatory system could be streamlined. 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. Together with the employment this project brings employment with above average wages the skills and expertise in the industry that will be retained, and the message it will send the global industry, we believe there is an overwhelming business case to be made for all parties, including operators and the Government of Newfoundland and Labrador, to make this deal happen. ISSN: 1944-978X (Online)ISSN: 0149-2136 (Print), Blake Wright has been a journalist covering the upstream oil and gas industry for more than 25 years. 709-729-5777, 631-8155 Suncor Energy is preparing for all contingencies when in comes to the fate of the Terra Nova FPSO. Suncor, Cenovus and Murphy Oil now control 100 percent of the project, with Suncor holding a 48 percent stake, previously approximately 38 percent, Cenovus holding a 34 percent interest, previously 13 percent, and Murphy Oil holding the remaining 18 percent interest, previously approximately 10 percent. Vessel TERRA NOVA FPSO is a Floating Storage/Production, Registered in Canada. The vessel is 292.2 meters . We appreciate the deep collaboration and support from the provincial and federal governments, which has been crucial to helping us reach this important milestone.. On Wednesday, the three energy companies said they will refurbish a massive floating production, storage and offloading (FPSO) vessel that is 18 storeys tall and three football fields long for. The storage capacity of the Terra Nova FPSO is 960,000 barrels of oil with accommodations for up to 120 personnel while producing. According to a media release issued Wednesday night by the corporation, the lead operator of. The project is expected to require $500-$600 million in capital investment, of which $350 million will be spent in With our federal partners, our governments committed over $500M in financial assistance to responsibly benefit our province. 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. Cenovus added it continues to progress swiftly towards its $10 billion net debt target, which it expects to achieve later this year. Suncor Energy Inc. Suncor East Coast wins gold in the oil and gas category of Canadas Safest Employers awards. 'author' : 'Andreas Exarheas', The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca. , April 11, 2022 Blake Wright 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. 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, Suncor noted. He can be reached at, April 3, 2023 Blake Wright 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. Terra Nova owners reach restructuring agreement - CAPP However, oil and gas has not flowed from the field in over a year. This was the first development in North America to use FPSO technology in a harsh weather environment featuring sea ice and icebergs. Natural Resources It was discovered in 1984 and production from the field began in 2002, using the Terra Nova FPSO, which Suncor highlights is one of the largest FPSO vessels ever built at 958 feet long and 149 feet wide. Since the subsea work began in April, two million kilograms of mooring chain have been replaced with a new chain that weighs about 450 kilograms per metre. Lisa Lawlor ssdl.editorialMetaData = { 'Country' : 'All', Prior to completion of the restructuring, the Terra Nova co-owners were Suncor (operator, 37.675 per cent), ExxonMobil (19 per cent), Equinor (15 per cent), Cenovus (13 per cent), Murphy (10.475 per cent), Mosbacher (3.85 per cent), and Chevron (1 per cent). Wed love to hear from you, join the conversation on the 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. Suncor, Cenovus plan restart of Terra Nova oil field as global energy , June 9, 2021 Blake Wright Production from the field began in 2002, using the Terra Nova FPSO, which has the capacity to store nearly a million barrels of oil. From the keel to the helideck, it stands more than 18 storeys high. According to Suncor documents, the FPSO could be decommissioned later this year, and subsea abandonment work, which would require a drilling rig and various marine support vessels, could begin in the fall of 2022. 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. The agreement was subject to finalized terms and approval from all parties. In fact, the three co-owners expect the Asset Life Extension to extend production life by approximately ten years. What do you think? In a separate statement on Wednesday, Cenovus said it would receive $78 million from the exiting partners as a contribution towards future Terra Nova asset retirement obligations. 'Region' : 'All', 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. 'content_origin' : 'Original Content', However, the focus must be on improving competitiveness of Canadas offshore industry if the province is to realize its full potential. Terra Nova life extension project receives approval to proceed What are you interested in (required) 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. 'longevity' : 'News', March 2023 The Trilemma and a Liquified Natural Gas (LNG) Energy Unlocking the Potential of Geothermal Energy: A Path to Clean Power and Sustainable Solutions, Energizing the Future: DOEs New Initiative to Decarbonize Transportation and Industrial Sectors, BPs Argos Platform: The Future of Deepwater Oil Production, TotalEnergies Expands in Suriname: A Step Forward in Energy Development, $26 Million for Clean Energy Grid Projects: A Step Toward a Sustainable Future. Terra Nova FPSO arrives in Spain for vital upgrade work 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. The Terra Nova FPSO can store 960,000 barrels of oil. Suncor is listed on the UN Global Compact 100 stock index. 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 September 2021, the co-owners of the Terra Nova floating, production, storage and offloading (FPSO) facility and associated Terra Nova Field finalized an agreement to restructure project ownership and move forward with extending the life of this project. 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. One diver remains in the diving bell as an emergency backup. In May 2019, Suncor and the Terra Nova joint venture owners sanctioned plans to proceed with a project that would extend the life of the FPSO vessel to approximately 2031. Today, the Honourable Siobhan Coady, Minister of Natural Resources, is pleased to congratulate Suncor and the Terra Nova Joint Venture owners on their announcement that they are proceeding with a project to extend the life of the Terra Nova Floating, Production, Storage and Offloading (FPSO) vessel. Suncor Energy has announced a plan to extend the life of the Terra Nova FPSO has been reached. A deep dive into the Terra Nova upgrades | Suncor 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. Specifically, the increased ownership positions are Suncor 48% (previously approximately 38%); Cenovus 34% (previously 13%); and Murphy Oil 18% (previously about 10%). Suncor is the operator and its partners are Cenovus and Murphy Oil. Now, the focus is on fabric maintenance, such as rust removal, painting, new insulation and new heat tracing. 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. Today Energy NL represents over 460 member organizations worldwide which are involved in, or benefit from, the energy industry of Newfoundland and Labrador. NOIA members and our Board of Directors are deeply concerned for the future of the Terra Nova Project and the far-reaching impacts decommissioning and abandonment would have upon our industry, the people who work in it, and our province, said Charlene Johnson, chief executive of NOIA. Noia Implores Parties to Reach a Deal on Terra Nova FPSO Before June 15 Rigzone Social Network. Shell sells upstream assets in Egypt for $646 A Big Promise, a Big Polluter: Tesla Stops PSE&G executes agreement to lower transmission rates. Suncors EOIs seek proposals from companies who could do wellbore abandonment for the 30 wells tied to the Terra Nova FPSO, 11 other exploration and delineation wells, and carry out decommissioning of the vessel. The Provincial Government will work to ensure that people in this province continue to receive the maximum benefit from this project. (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. Please enable JavaScript to improve your experience. According to this weeks update from Suncor, the external hull work is done and the FPSO has been moved from the shipyards drydock to the quayside to complete the remaining work. Meanwhile, while the news is good for Terra Nova, the future of West White Rose remains uncertain. 'content_type' : 'About the Industry', Following an agreement in principle for a restructuring of the project ownership to provide funding for the Terra Nova life extension, the project was sanctioned in September 2021. Bay du Nord oil projects court saga draws to a close but will there be an encore? Canadian FPSO on track to return to home waters before year-end It is estimated the extension will allow the Terra Nova FPSO to produce an additional 80 million barrels of oil. Terra Nova project extension. Suncor Energy's Terra Nova floating production, storage and offloading vessel has left a dry dock in Spain, where it is being upgraded ahead of returning later this year to its eponymous. 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. Suncor Energy confident in East Coast Canada energy future: - GlobeNewswire 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. , 2003-2023 Society of Petroleum Engineers, KBR Scoops Bay du Nord FPSO Topsides FEED, Equinors $12-Billion Bay du Nord Project Gets Regulatory Green Light, Terra Nova Field May Live To Produce Again, Pembina Purchases a Half Stake in Cedar LNG, British Columbia Implements Mandatory Shutdown Timelines for Dormant Oil and Gas Sites. Discovered in 1984, the field was the second to be developed on the Grand Banks offshore Newfoundland. CALGARY, Canada Work is progressing on the Terra Nova FPSOs asset life extension program, according to operator Suncor Energy, and the vessel should return to the field location offshore Newfoundland and Labrador before year-end 2022. As part of the project, the FPSO will undergo maintenance work at the Bull Arm Fabrication site starting early September prior to sailing to dry dock in Ferrol, Spain, later this year with a return to operations anticipated before the end of 2022. 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. Suncor to sanction $500m Terra Nova extension project offshore Canada The oil and natural gas industry is a major economic contributor in Newfoundland and Labrador, and has the potential to get much bigger. 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.
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