In its latest results statement, the company said it would continue to defer the asset life extension project until an economically viable path forward becomes apparent, along with a safe and reliable return to operations.
Recently, Suncor and the Terra Nova joint venture partners and the government of Newfoundland and Labrador agreed to a non-binding memorandum of understanding that provides for a financial commitment by the government, including a modified royalty regime, to support continued operations.
The future of the suspended West White Rose project, also offshore Newfoundland, remains uncertain. Operator Cenovus Energy and its partners are continuing talks with various levels of government to determine a way forward.
The government of Newfoundland and Labrador has also agreed to provide some support for the West White Rose project in 2021.