Suncor Energy provides update on White Rose asset
08 September 2021 - 11:30PM
Suncor today announced it has entered into a conditional agreement
to increase its interest in the White Rose asset subject to a
restart decision on the West White Rose project.
As part of the conditional agreement, Cenovus, the
operator, will complete a restart evaluation for the West White
Rose project by mid 2022. 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% (from 27.5%
to approximately 40%) in exchange for a cash payment by Cenovus to
Suncor. Suncor would assume capital commitments on the 12.5%
additional interest on a go-forward basis only.
No significant capital spend is expected before
2023 and both companies will work together to increase the
efficiency of this asset.
The White Rose asset joint venture owners are
Cenovus (operator) and Suncor. The West White Rose Project joint
venture owners are Cenovus (operator), Suncor and Nalcor.
Legal Advisory – Forward-Looking
Information
This news release contains certain forward-looking
information and forward-looking statements (collectively referred
to herein as “forward-looking statements”) within the meaning of
applicable Canadian and U.S. securities laws. Forward-looking
statements in this news release include statements and expectations
regarding Suncor increasing its interest in the White Rose asset,
including that Cenovus will complete a restart evaluation by
mid-2022, the terms and conditions of Suncor increasing its
interest, the expectation that there will not be a significant
capital spend before 2023 and that both companies will work
together to increase the efficiency of the asset. Forward-looking
statements are based on Suncor’s 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 Suncor’s 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.
Forward-looking statements are not guarantees of
future performance and involve a number of risks and uncertainties,
some that are similar to other oil and gas companies and some that
are unique to Suncor. Suncor’s 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.
Suncor’s 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. Copies of these
documents are available without charge from Suncor at 150 6th
Avenue S.W., Calgary, Alberta T2P 3E3, by calling 1-800-558-9071,
or by email request to invest@suncor.com or by referring to the
company’s profile on SEDAR at sedar.com or EDGAR at sec.gov. Except
as required by applicable securities laws, Suncor disclaims any
intention or obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Suncor Energy is Canada's leading
integrated energy company, with a global team of over 30,000
people. 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). A member of Dow Jones Sustainability
indexes, FTSE4Good and CDP, Suncor is responsibly developing
petroleum resources, while profitably growing a renewable energy
portfolio and advancing the transition to a low-emissions future.
Suncor is listed on the UN Global Compact 100 stock index. Suncor's
common shares (symbol: SU) are listed on the Toronto and New York
stock exchanges.
For more information about Suncor, visit our web
site at suncor.com, follow us on Twitter @Suncor
Media inquiries: 1-833-296-4570
media@suncor.com
Investor inquiries: 800-558-9071
invest@suncor.com
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