CALGARY, Canada – Suncor Energy has sanctioned the Terra Nova asset life extension project offshore eastern Canada.
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. It should deliver a further 80 MMbbl.
Terra Nova, discovered in 1984, was the second oilfield to be developed on the Grand Banks. Production started in 2002, and it was the first development offshore North America to employ an FPSO and technology adapted for a harsh weather environment, including sea ice and icebergs.