Suncor Energy restarts production at Terra Nova after work to extend life of project

Suncor Energy Inc. SU-T says it has restarted production at its Terra Nova production, storage and off-loading vessel.

The company says the restart comes after finishing work to extend the life of the project.

Production is expected to ramp up over the coming months.

Suncor chief executive Rich Kruger says the project will provide additional cash flow for shareholders as well as benefits to the Newfoundland and Labrador and Canadian economies.

Terra Nova is an oil field located offshore Newfoundland and Labrador about 350 kilometres southeast of St. John’s.

Suncor holds a 48-per-cent stake in the project, while Cenovus Energy Inc. CVE-T owns a 34-per-cent stake and Murphy Oil Corp. MUR-N holds 18 per cent.