Suncor exits Newfoundland offshore fields as Cenovus expands Alberta oilsands footprint

Suncor Energy announced the sale of its ownership in the Terra Nova, White Rose and West White Rose offshore oilfields off Newfoundland to Ithaca Energy, a U.K. firm, for cash with an additional contingent payment linked to future oil prices. The company will keep its stakes in the Hibernia and Hebron fields and expects the deal to close in early 2027, using the proceeds to accelerate in-situ oilsands projects like Firebag and Lewis.

At the same time, Cenovus Energy revealed a cash-and-stock transaction to acquire Athabasca Oil Corp, which currently produces 40,000 barrels per day and is targeted to reach 115,000 barrels per day by 2032. The acquisition will add the Leismer and Corner assets, supporting Cenovus’s growth strategy amid favorable federal and Alberta government measures, including tax deductions and upcoming royalty incentives. Both companies are reshaping their portfolios as Canada prepares for a new million-barrel-a-day pipeline slated for around 2032 and other near-term expansions.