Today, the Honourable Siobhan Coady, Minister of Natural Resources, is pleased to congratulate Suncor and the Terra Nova Joint Venture owners on their announcement that they are proceeding with a project to extend the life of the Terra Nova Floating, Production, Storage and Offloading (FPSO) vessel. 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. It is estimated the extension will allow the Terra Nova FPSO to produce an additional 80 million barrels of oil.

Work to extend the life of the FPSO will begin in 2020. The Provincial Government will work to ensure that people in this province continue to receive the maximum benefit from this project.

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. There have been eight new entrants in the past three years, and $3.9 billion in recent exploration work commitments.

The asset life extension project will support the goals outlined in Advance 2030: The Way Forward on Oil and Gas, which was developed to position Newfoundland and Labrador as a globally-preferred location for oil and gas development. 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.

Quotes
“It is encouraging the life of the Terra Nova FPSO will be extended. We will ensure maximum jobs and business opportunities are ‎secured for the people of our province. The resource potential in offshore Newfoundland and Labrador is incredible. In less than seven per cent of the province’s offshore, there is a combined resource potential of 49.2 billion barrels of oil and 193.8 trillion cubic feet of gas.”
Honourable Siobhan Coady
Minister of Natural Resources

“This is a major milestone for Suncor’s east coast operations and the community. 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.”
Josée Tremblay
Vice President, East Coast, Suncor

– 30 –

Learn more

Follow us on Twitter: @GovNL, @NR_GovNL 

Media contact
Lisa Lawlor
Natural Resources
709-729-5777, 631-8155
lisalawlor@gov.nl.ca