Suncor (SU) Restarts Production at Terra Nova Oil Field
Suncor Energy Inc. SU has restarted production at its Terra Nova oil field off the coast of Newfoundland and Labrador. The restart follows the completion of the Terra Nova Asset Life Extension project, a significant undertaking that will extend the field's lifespan by an estimated 10 years.
Terra Nova: A Beacon of Offshore Production
Located approximately 350 kilometers southeast of St. John's, Terra Nova is a prolific oil field that has been producing since 2004. The Terra Nova Partners — comprising Suncor (48%), Cenovus (34%) and Murphy Oil Corporation (18%) — are committed to maximizing the field's potential and extending its productive life.
Ramp up to Full Capacity
Production at Terra Nova is expected to gradually ramp up over the coming months, reaching its full capacity of approximately 29,000 barrels of oil per day. This steady increase will not only contribute to Suncor's overall production but also boost the energy sector in Newfoundland and Labrador.
Economic Boon for Newfoundland and Labrador
The resumption of production at Terra Nova is anticipated to generate significant employment opportunities and economic activity, particularly in the province's oil and gas sector.
Suncor's Commitment to Sustainability
Suncor is dedicated to operating in a sustainable manner, minimizing its environmental impacts, while maximizing economic benefits. The company is committed to reducing greenhouse gas emissions and advancing clean energy solutions.
Conclusion
The restart of production at Terra Nova is a positive development for Suncor Energy, Newfoundland and Labrador, and the environment. The project is expected to generate significant economic benefits and contribute to the province's energy security.
Zacks Rank and Key Picks
Currently, SU carries a Zacks Rank #2 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like Liberty Energy Inc. LBRT, sporting a Zacks Rank #1 (Strong Buy) at present, and Oceaneering International, Inc. OII and USA Compression Partners, LP USAC, carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Liberty Energy is valued at $3.33 billion. LBRT currently pays a dividend of 20 cents per share, or 1.01%, on an annual basis.
LBRT is a leading provider of hydraulic fracturing and other auxiliary services to North America onshore exploration and production companies.
Oceaneering International is worth $2.11 billion. In the past year, its shares have risen 44.7%.
The company provides engineered services and products, and robotic solutions to the offshore energy, defense, aerospace, manufacturing and entertainment industries worldwide.
USA Compression Partners is valued at $2.37 billion. USAC currently pays a dividend of $2.10 per unit, or 8.71%, on an annual basis.
USAC provides natural gas compression services. The company offers compression services to oil companies and independent producers, processors, gatherers,and transporters of natural gas and crude oil. It also operates stations.
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Suncor Energy Inc. (SU) : Free Stock Analysis Report
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