Suncor Energy and its partners in the Terra Nova joint venture announced that the life of the floating, production, storage and offloading vessel will be extended by 10 years to 2031.
Suncor, which has a 37.675 per cent working interest in the Terra Nova Field, estimates that the extension will allow for the production of an additional 80 million barrels of oil.
“This is a major milestone for Suncor’s east coast operations and the community,” Suncor East Coast vice president Josée Tremblay stated in a release.
Work to extend the life of the FPSO will begin next year.
Other Terra Nova owners include ExxonMobil (19 per cent), Equinor (15 per cent), Husky Energy (13 per cent), Murphy Oil (10.475 per cent), Mosbacher Operating (3.85 per cent) and Chevron Canada (1 per cent).