Europe · Business news · Corporate · 05 Oct 2026
EU Energy
London-listed Ithaca Energy agreed on October 5 to buy Suncor Energy's interests in three oil assets off Newfoundland: 48% of Terra Nova, 40% of White Rose and 38.6% of West White Rose. It pays C$1.2 billion (about $842 million) in cash up front, plus up to C$350 million more depending on future oil prices. Ithaca also takes on a C$500 million well compliance programme at Terra Nova from 2027 and abandonment and lease liabilities estimated at C$1.4 billion. Closing is planned for early 2027. Ithaca's shares rose about 2% in London.
Ithaca has been a pure UK North Sea producer, a basin where output is declining and profits carry a windfall levy; this purchase gives it producing barrels under a different tax regime while Brent trades above $100. The cash price is only part of the bill: the assumed C$1.9 billion of compliance and decommissioning obligations is larger than the upfront payment, so the return depends on oil staying high for the life of the fields. For Suncor it is an exit from non-core offshore assets, and it raised its monthly share buyback to C$750 million from C$500 million. Other UK-listed North Sea producers face the same question of where to find growth.
Reported by Reuters — “Suncor to sell offshore Canada oil stakes to Ithaca for $842 million” ↗ on 05 Oct 2026.
Official series on 05 Oct 2026 or the last day before it, and the latest observation.
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