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. 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. Version 9 of RETScreen Clean Energy Management Software. | Source: Daily news and in-depth stories in your inbox, The companies awarded by MEA get the opportunity to work closely together with a transnational team of Marine Energy experts on both the technical advancement of their technology, as well as the development of their commercial strategy and business plans. Suncor Energy is preparing for all contingencies when in comes to the fate of the Terra Nova FPSO. The Terra Nova FPSO can store 960,000 barrels of oil. The Terra Nova field is located offshore approximately 217 miles southeast of Newfoundland and Labrador. Suncor is the operator and its partners are Cenovus and Murphy Oil. What will happen if we no longer have a competitive oil and gas industry? On the other hand, should the project economics be robust enough to lead to a restart decision, Suncor has agreed to increase its interest in the White Rose offshore field by 12.5 per cent (from 27.5 per cent to approximately 40 per cent) in exchange for a cash payment by Cenovus to Suncor. Energy NL was founded in 1977 to represent the supply and service sector of the energy industry. Suncors Management's Discussion and Analysis for the second quarter of 2021 dated July 28, 2021, its Annual Information Form and Annual Report to Shareholders, each dated February 24, 2021, Form 40-F dated February 25, 2021, and other documents Suncor files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Under the agreement, Cenovus would reduce its stake in the original field to 60 per cent from 72.5 per cent and to 56.375 per cent from 68.875 per cent in the satellite extensions. Suncor said Wednesday that production volumes for its E&P Canada . After months of uncertainty, Suncor has announced that it is moving ahead with the asset life extension for the Terra Nova project. A competitive industry provides young professionals a chance to work at home in Newfoundland and Labrador. 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. August 18, 2022, by Nermina Kulovic. Articles range from features on key and timely industry issues, profiles of people working in Canadas oil and gas sector and educational content and news designed to build industry knowledge. lisalawlor@gov.nl.ca, Terra Nova FPSO Life to be Extended by 10 Years. Does Canada have an energy competitiveness crisis? 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. What do you think? The biggest component of the ALE project is the work being done to the ship in Spain, but we also have divers working underwater 350 kilometres offshore of Newfoundland and Labrador, said Kirk Goobie, GM Operations, Life Extension Project. Suncor Energy moves forward with Terra Nova Asset Life Extension. 'company' : '', The agreement is subject to finalized terms and approval from all parties, and is contingent upon the provincial governments financial support. All Right Reserved. Read more of our news content, here; Natural Gas Coalition sends letter to Congress opposing new methane tax. 'longevity' : 'News', 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. 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. Minister of Natural Resources, This is a major milestone for Suncors east coast operations and the community. Government funding support and equity restructuring help the Terra Nova project move forward until final decision this fall. Discovered in 1984, the field was the second to be developed on the Grand Banks offshore Newfoundland. 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. Terra Nova is a Floating Production Storage and Offloading Vessel ( FPSO) for servicing the Terra Nova oil and gas field. The storage capacity of the Terra Nova FPSO is 960,000 barrels of oil with . The Rigzone Social Network is a new social experience created for you and all energy professionals to Speak Up about our industry, share knowledge, connect with peers and industry insiders and engage in a professional community that will empower your career in energy. contract extension was executed during the period January 01, 2022 to March 31, 2022. . Based in Houston, Texas, Energy Capital is part of the international Capital Media Group, one of the most important media in the Energy, Mining, and Industrial sectors, with audiences in the US, Canada and Mexico. Production from the field began in 2002, using the Terra Nova FPSO, which has the capacity to store nearly a million barrels of oil. Suncor and the other co-owners anticipate a safe return to operations before the end of 2022. Truthfully, I find it hard to even speak of decommissioning, added Johnson. 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. Suncor's operations include oil sands development, production and upgrading, offshore oil and gas, petroleum refining in Canada and the US, and our national Petro-Canada retail distribution network (now including our Electric Highway network of fast-charging EV stations). Before it departed Newfoundland, additional maintenance work was completed at the Bull Arm fabrication site. Cenovus President and CEO, Alex Pourbaix says while the company is still evaluating whether to proceed with West White Rose, the capital risk will be reduced if they decide to move forward. Vice President, East Coast, Suncor, Media contact In fact, the three co-owners expect the Asset Life Extension to extend production life by approximately ten years. CALGARY, Canada - Suncor Energy has sanctioned the Terra Nova asset life extension project offshore eastern Canada. I understand the deadline to reach a deal on the Terra Nova Project was extended to April 30which has now passedand NOIA is encouraging all parties to reach an agreement as quickly as possible.. The new ownership structure has yet to be announced though Suncor Energy, the projects operator, announced it will increase its equity position in the project from 38 to 48 per cent. 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). 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. The commitment was based on an agreement for long-term production via the Terra Nova Project. 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. An offshore oil project that teetered on the verge of collapse not long ago is about to take a major step toward resuming production when the Terra Nova FPSO sets sail for a Spanish dockyard, likely this week. Claims of Oil and Gas Underinvestment Are Overblown, SLB Bags 5-Year Digital Deal with Petrobras, More Energy Organizations Back Mental Health Charter, Brent Would Likely Be Well Above $74-76 Band Were It Not for This Factor, Jericho's Proved Developed Reserves Up 32 Percent in Value. Suncor is listed on the UN Global Compact 100 stock index. 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. One diver remains in the diving bell as an emergency backup. 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. The agreement was subject to finalized terms and approval from all parties. 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. 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. Although this agreement is not a guarantee, it sets a path forward in the next few months to secure a return to operations for many years to come, comments Suncor president and CEO Mark Little. The move has the Newfoundland and Labrador Oil & Gas Industries Association (NOIA) concerned about the future of the vessel and the field. Furthermore, Cenovus and Suncor entered into a conditional agreement under which Suncor will increase its interest in the White Rose asset, subject to a restart decision on the West White Rose project, and Cenovus will reduce the companys working interest in the White Rose field. (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. Specifically, the increased ownership positions are Suncor 48% (previously approximately 38%); Cenovus 34% (previously 13%); and Murphy Oil 18% (previously about 10%). According to a media release issued Wednesday night by the corporation, the lead operator of. Reports recommend recovery actions for NLs offshore industry, CAPP releases energy platform document for Newfoundland and Labrador, Offshore emissions reduction research gets major funding. 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. 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. Shell sells upstream assets in Egypt for $646 A Big Promise, a Big Polluter: Tesla Stops PSE&G executes agreement to lower transmission rates. Quotes Jose Tremblay 'company_sentiment' : 'Positive', 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. 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. Take our 15-question Canadas Atlantic offshore oil and natural gas industry quiz to find out. Lots of hard work by the @IET_GovNL team & many others! Today, Suncor announced that the co-owners of the Terra Nova Floating, Production, Storage, and Offloading (FPSO) facility and associated Terra Nova Field have finalized the agreement to restructure the project ownership. 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. Honourable Siobhan Coady Calgary-based Suncor Energy aims to take the final investment decision this month on its US$500 million Terra Nova Asset Life Extension (ALE) project offshore Newfoundland & Labrador, Canada. "Noia understands the business requirements of Suncor Energy to set a deadline for a decision on the Asset Life Extension Program of the Terra Nova FPSO and we remain hopeful that an agreement will be reached prior to June 15. In less than seven per cent of the provinces offshore, there is a combined resource potential of 49.2 billion barrels of oil and 193.8 trillion cubic feet of gas. Noia members are a diverse representation of businesses that range from offshore supply boats and helicopters, health and safety equipment and training, engineering solutions and fabricators to law firms and human resource agencies. It is estimated the extension will allow the Terra Nova FPSO to produce an additional 80 million barrels of oil. The vessel is 292.2 meters . var ssdl = ssdl || {} Suncors 2021 guidance remains unchanged. ssdl.editorialMetaData = { 'Country' : '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. CALGARY, Canada Work is progressing on the Terra Nova FPSO's 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. If you are looking for articles published before 2016, visit the , June 24, 2019 Burnet, Duckworth, and Palmer This content is available after accepting the cookies. 'tag' : 'Production_Start_Up,Govt_Regulatory,Field_Development,Analysis_Trends,Maritime,Offshore', News release Suncor Energy confident in East Coast Canada energy future: moves forward with Terra Nova Asset Life Extension https://t.co/UJ0AFU67Jd, In this sense, Mark Little, Suncor president, and chief executive officer, commented; 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., Similarly, Little noted that this type of project could provide long-term value for investors. After months of uncertainty, Suncor has announced that it is moving ahead with the asset life extension for the Terra Nova project. Charlene Johnson, Noia CEO. 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. Today, Suncor announced that the co-owners of the Terra Nova Floating, Production, Storage, and Offloading (FPSO) facility and associated Terra Nova Field have finalized the agreement to restructure the project ownership. 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. 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 safe return to operations anticipated before the end of 2022. Please enable JavaScript to improve your experience. Major milestone tucked away with submission of development plan for UK North Sea gas project, Sustainable Marine drops Nova Scotia tidal energy project, Canadian project ditches LNG for hydrogen production. (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. 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. 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. Tel: 709-758-6610, Independent Analysis Shows Substantive Economic Impact of Terra Nova Project, Petroleum Industry Human Resources Committee. In May 2019, Suncor and the Terra Nova joint venture owners sanctioned plans to proceed with a project that will extend the life of the FPSO vessel to approximately 2031. Jan 6, 2022 | 9:30 AM. 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. 'content_type' : 'About the Industry', The Terra Nova FPSO arrived at the state-owned shipyard a year ago, has undergone an extensive life extension overhaul, and is scheduled to return to Canadian waters by the end of this. Vessel TERRA NOVA FPSO is a Floating Storage/Production, Registered in Canada. In 2021, Suncor and the Terra Nova joint venture owners finalized an agreement to move forward with the Asset Life Extension Project which is expected to extend production life by approximately 10 years, and produce an additional 70 million barrels of oil for the partnership. 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. 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. Suncor says that one of the largest replacement tasks taking place under the sea is upgrading the nine mooring legs that anchor the ship to the underwater drilling system. Suncor Energy is preparing for all contingencies when in comes to the fate of the Terra Nova FPSO. Suncors actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them. Terra Nova being sanctioned means 100s of NLers start heading back to work tomorrow. The . According to the company, those agreements will increase Cenovus working interest in Terra Nova and, if a decision is taken to restart West White Rose, reduce the companys working interest in the White Rose field. Your e-mail (required) The Terra Nova floating production, storage and offloading (FPSO) vessel is located offshore approximately 350 kilometres southeast of Newfoundland and Labrador in a region known as the Grand Banks. 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. @PremierofNL https://t.co/pZzQF9zWEH, Andrew Parsons (@Andrew_Parsons1) September 8, 2021. Content is edited by CAPP Communications; questions on editorial content may be referred to [emailprotected]. Terra Nova Asset Life Extension Moves Forward - In September of 2021, Suncor, along with other Terra Nova owners, completed the partnership restructuring . (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. Since 2019 the vessel has been off-field undergoing a life extension programme, initially at Bull Arm Fabrication Site, then Navantia, El Ferrol. The Terra Nova FPSO arrived at the state-owned shipyard a year ago, has undergone an extensive life extension overhaul, and is scheduled to return to Canadian waters by the end of this month . Now, Suncor, Cenovus, and Murphy Oil control 100 per cent of the project with the increased ownership positions: Suncor 48 per cent; Cenovus 34 per cent; and Murphy Oil 18 per cent. In fact, these activities will be implemented prior to sailing to the dry dock in Ferrol, Spain, later this year. (Photo via Suncor.) The vessel and its crew arrived in the country on Tuesday. 'author' : 'Andreas Exarheas', 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 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. Suncor Energy Inc. All financial figures are in Canadian dollars. However, oil and gas has not flowed from the field in over a year. Suncor, Cenovus and Murphy Oil, now control 100% of the project with the following increased ownership positions: Suncor 48% (previously approximately 38%); Cenovus 34% (previously 13%); and Murphy Oil 18% (previously approximately 10%). This project provides approximately 1,000 direct jobs and thousands more through the service and supply sector . Terra Nova FPSO; Source: Suncor 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. 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 Energy has announced a plan to extend the life of the Terra Nova FPSO has been reached. 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. 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. Suncor Energy Inc. pic.twitter.com/IXorFhQplB, Premier of NL (@PremierofNL) September 8, 2021. Noia engaged Jupia Consultants, led by David Campbell a former Chief Economist with the Government of New Brunswick, to model the economic impacts of the asset life extension project and the continued operation of the Terra Nova FPSO for 10 additional years.
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