Suncor acquires additional interest in Syncrude and interest in Norway’s Fenja field

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%). Source / More: Suncor Energy oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook ]]>

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