Ithaca Energy has agreed to acquire Suncor Energy's interests in the Terra Nova and White Rose oil assets offshore eastern Canada for $860 million in cash, marking its first international acquisition outside the UK.
The deal includes a 48% operated interest in Terra Nova, a 40% non-operated interest in the White Rose Existing Lands and a 38.6% non-operated interest in the White Rose Growth Lands, including the West White Rose Extension.
Ithaca could pay Suncor up to an additional $250 million depending on Brent crude prices over a 27-month period beginning July 1, 2026.
The assets are expected to contribute average 2P production of about 30,000 barrels of oil equivalent per day between 2027 and 2031, rising to 35,000-40,000 boepd in 2029 as production grows from the West White Rose development.
First production from West White Rose, which is operated by Cenovus Energy, is expected in the fourth quarter of 2026.
The acquisition adds 103 million barrels of oil equivalent of 2P reserves, with an estimated reserve life of about 17 years, as well as around 200 million boe of additional resources. Ithaca said several of those resources are progressing towards final investment decisions.
Terra Nova is a producing shallow-water oil asset supported by a recently completed life-extension project for its floating production, storage and offloading vessel.
“This acquisition marks the next era of growth for Ithaca Energy as we make our inaugural international acquisition in Offshore East Coast Canada. The Transaction delivers on our clear stated growth strategy as we seek to diversify and grow our production and resource base and replicate our success in the United Kingdom Continental Shelf (UKCS) through disciplined international expansion in regions we believe we can create long-term value for our shareholders,” said Yaniv Friedman, Ithaca Energy’s Executive Chairman.
The acquisition lifts Ithaca's medium-term production outlook to between 140,000 and 150,000 boepd and is expected to make the company the fifth-largest operator in offshore Canada by production.
Completion is targeted for the first half of 2027 and remains subject to customary closing conditions, including Canadian regulatory and government approvals.