terra nova fpso life extension

Suncor expects production to resume early 2023. The storage capacity of the Terra Nova FPSO is 960,000 barrels of oil with . If you are looking for articles published before 2016, visit the However, oil and gas has not flowed from the field in over a year. The Terra Nova FPSO arrived at the state-owned shipyard a year ago, has undergone an extensive life extension overhaul, and is scheduled to return to Canadian waters by the end of this month . The asset life extension project is expected to allow the facility to capture approximately 80 million additional barrels of oil for the Terra Nova partnership. Before it departed Newfoundland, additional maintenance work was completed at the Bull Arm fabrication site. The decision to move forward with the Terra Nova project is a concrete example of Suncors commitment to invest in projects that have strong economic returns and will provide long-term value for investors, Mark Little, Suncors president and chief executive officer, said in a company statement. As we get into the final hours available for the parties involved to find a resolution that puts the Terra Nova FPSO back into production, the financial impacts of this project must be considered. Since 2019 the vessel has been off-field undergoing a life extension programme, initially at Bull Arm Fabrication Site, then Navantia, El Ferrol. Daily news and in-depth stories in your inbox, The companies awarded by MEA get the opportunity to work closely together with a transnational team of Marine Energy experts on both the technical advancement of their technology, as well as the development of their commercial strategy and business plans. Today Energy NL represents over 460 member organizations worldwide which are involved in, or benefit from, the energy industry of Newfoundland and Labrador. Terra Nova is operated by Suncor Energy, which holds a 37.675% interest in the project. Lets save the Terra Nova FPSO and work on building back a dynamic and prosperous industry. The FPSO will undergo maintenance work at the Bull Arm Fabrication site starting early September prior to sailing to dry dock in Ferrol, Spain later this year with a safe return to operations anticipated before the end of 2022. Suncor says that one of the largest replacement tasks taking place under the sea is upgrading the nine mooring legs that anchor the ship to the underwater drilling system. Bay du Nord oil projects court saga draws to a close but will there be an encore? 'company' : '', CALGARY, Alberta, Sept. 08, 2021 (GLOBE NEWSWIRE) -- Suncor today announced that the co-owners of the Terra Nova Floating, Production, Storage and Offloading (FPSO) facility and associated Terra Nova Field (Terra Nova) have finalized the agreement to restructure the project ownership and move forward with the Asset Life Extension Project. Tel: 709-758-6610, Independent Analysis Shows Substantive Economic Impact of Terra Nova Project, Petroleum Industry Human Resources Committee. We understand it has already provided billions of dollars in revenue and taxes to the Government of Newfoundland and Labrador and our economic impact report demonstrates that a billion dollars more remains available. In May 2019, Suncor and the Terra Nova joint venture owners sanctioned plans to proceed with a project that would extend the life of the FPSO vessel to approximately 2031. , 2003-2023 Society of Petroleum Engineers, KBR Scoops Bay du Nord FPSO Topsides FEED, Equinors $12-Billion Bay du Nord Project Gets Regulatory Green Light, Terra Nova Field May Live To Produce Again, Pembina Purchases a Half Stake in Cedar LNG, British Columbia Implements Mandatory Shutdown Timelines for Dormant Oil and Gas Sites. For more information about Suncor, visit our web site at suncor.com, follow us on Twitter @Suncor, Media inquiries: 1-833-296-4570 media@suncor.com, Investor inquiries: 800-558-9071 invest@suncor.com. Tucked away in saturation chambers that maintain air pressure that coincides with 100 metres below the oceans surface, divers on the dive support vessel (DSV), the Seven Falcon, wait until their next six-hour shift. All rights reserved. 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. Canadian Association of Petroleum Producers, Front-line workers help Suncor win safety award, Newfoundland and Labrador Offshore: Big numbers, big potential, Offshore Oil and Gas: The next generation is here, Value of the NL offshore oil and gas industry. All Right Reserved. Content is edited by CAPP Communications; questions on editorial content may be referred to [emailprotected]. The FPSO was recently moved from its offshore location to the Conception Bay at St. John's - Map Credit: VesselsValue. The new ownership structure has yet to be announced though Suncor Energy, the projects operator, announced it will increase its equity position in the project from 38 to 48 per cent. The asset life extension project will extend the life of the Terra Nova FPSO by 10 years to 2031 and demonstrates Suncors commitment to our offshore oil and gas industry. In fact, the three co-owners expect the Asset Life Extension to extend production life by approximately ten years. The field was discovered in 1984 and production began in 2002. | Source: Natural Resources Get the details of the current Voyage of TERRA NOVA FPSO including Position, Port Calls, Destination, ETA and Distance travelled - IMO 9183532, MMSI 316298000, Call Sign VCXF Five more years at Canadian firms oil field lay in store for Thai FPSO, Probe into incident with potential for fatality at ExxonMobils Hebron platform underway, Controversial Bay du Nord oil project awaits outcome of court challenge, Wrtsil lands FPSO operation and maintenance job off Brazil, World Energy GH2 acquires Port of Stephenville, With preventive maintenance mode turned off, Brazilian FPSO back online. The Asset Life Extension Project is expected to extend production life by approximately 10 years, providing an additional 70 million barrels of resource for the partnership and providing many benefits to the Newfoundland and Labrador and Canadian economies in the form of taxes, royalties and employment. The subsea work is expected to be complete by mid-August. The storage capacity of the Terra Nova FPSO is 960,000 barrels of oil with accommodations for up to 120 personnel while producing. On the other hand, should the project economics be robust enough to lead to a restart decision, Suncor has agreed to increase its interest in the White Rose offshore field by 12.5 per cent (from 27.5 per cent to approximately 40 per cent) in exchange for a cash payment by Cenovus to Suncor. Suncor Energy is preparing for all contingencies when in comes to the fate of the Terra Nova FPSO. Lisa Lawlor (Photo via Suncor.) Quotes Jupia Consultants Inc. was founded in 2004. In fact, these activities will be implemented prior to sailing to the dry dock in Ferrol, Spain, later this year. The Newfoundland and Labrador Oil and Gas Industries Association (Noia) was founded in 1977 to represent the supply and service sector of the offshore oil and gas industry. Moreover, this extension project could end up providing many benefits to the Newfoundland and Labrador, and Canadian economies. @PremierofNL https://t.co/pZzQF9zWEH, Andrew Parsons (@Andrew_Parsons1) September 8, 2021. The Terra Nova FPSO can store 960,000 barrels of oil. (St. John's, NL - June 11, 2021) With the Suncor Energy deadline of June 15, 2021 quickly approaching for a decision on the asset life extension (ALE) project or abandonment of the Terra Nova FPSO, Noia has undertaken an analysis of the financial benefits of the Terra Nova project. The province also committed up to $175 million on a matching contribution basis and possibly modifying the royalty regime should an agreement be reached. From the keel to the helideck, it stands more than 18 storeys high. This page and all contents are copyright, Government of Newfoundland and Labrador, all rights reserved. We appreciate the deep collaboration and support from the provincial and federal governments, which has been crucial to helping us reach this important milestone.. August 16, 2022 A deep dive into the Terra Nova upgrades It's hard to fathom something as long as three football fields laid end-to-end, with the capacity to store nearly a million barrels of oil, can gracefully float across an ocean. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); 2020 - energycapitalmedia.com The commitment was based on an agreement for long-term production via the Terra Nova Project. Following maintenance work in late 2021, the FPSO in December 2021 sailed away from the coast of Newfoundland and Labrador to Ferrol, Spain where it has been for eight months. According to a media release issued Wednesday night by the corporation, the lead operator of. Minister of Natural Resources, This is a major milestone for Suncors east coast operations and the community. It is encouraging the life of the Terra Nova FPSO will be extended. Suncor and the other co-owners anticipate a safe return to operations before the end of 2022. , June 9, 2021 Blake Wright The agreement also includes the previously disclosed royalty and financial support from the Government of Newfoundland and Labrador including up to $205 million, on a matching contribution basis, to support local onshore and offshore work related to the Asset Life Extension Project. Bay du Nord oil projects court saga draws to a close but will there be an encore? This project provides approximately 1,000 direct jobs and thousands more through the service and supply sector . Cenovus and its partners continue to evaluate their options on the West White Rose Project, with a decision to be made by mid-2022. Terra Nova is a Floating Production Storage and Offloading Vessel ( FPSO) for servicing the Terra Nova oil and gas field. 100 New Gower Street, Cabot Place, Suite 902, St. Johns, Newfoundland & Labrador, Canada, A1C 6K3 The operator recently issued Expressions of Interest (EOI) related to the FPSO, including two that prepare for decommissioning of the vessel and the field, while another provides an update to a previous EOI preparing for remediation of the FPSO to support the asset life-extension project. Terra Nova partners reached an agreement in principle to restructure the project ownership and provide short-term funding towards continuing the development of the Asset Life Extension Project back in June 2021. Premier Andrew Furey says hes pleased that the project owners have decided to sanction the Asset Life Extention, something he calls great news for the hard-working families connected to it., I am very pleased the Terra Nova project owners decided to sanction the Asset Life Extension great news for the hard-working families connected to it. This agreement also provides certainty for the 1,000 plus local direct and indirect jobs that support the project., Lastly, Suncor CEO concluded; We appreciate the deep collaboration and support from the provincial and federal governments; which has been crucial to helping us reach this important milestone., Your Neme (required) Since the subsea work began in April, two million kilograms of mooring chain have been replaced with a new chain that weighs about 450 kilograms per metre. In less than seven per cent of the provinces offshore, there is a combined resource potential of 49.2 billion barrels of oil and 193.8 trillion cubic feet of gas. 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Suncor said on Wednesday that the agreement also included the previously disclosed royalty and financial support from the Government of Newfoundland and Labrador including up to $205 million, on a matching contribution basis, to support local onshore and offshore work related to the Asset Life Extension Project. , June 18, 2021 Blake Wright Canadian energy company Suncor and its partners in the Terra Nova FPSO and field located off Canada have finalized the agreement to restructure the project ownership and move forward with the Asset Life Extension Project. The move has the Newfoundland and Labrador Oil & Gas Industries Association (NOIA) concerned about the future of the vessel and the field. Suncor East Coast wins gold in the oil and gas category of Canadas Safest Employers awards. Suncor is listed on the UN Global Compact 100 stock index. Suncors EOIs seek proposals from companies who could do wellbore abandonment for the 30 wells tied to the Terra Nova FPSO, 11 other exploration and delineation wells, and carry out decommissioning of the vessel. Discovered in 1984, the field was the second to be developed on the Grand Banks offshore Newfoundland. Cenovus says as part of the restructuring, Cenovus and Suncor have entered into an agreement whereby it will decrease its working interest in the White Rose field and satellite extensions, while Suncor will take a larger stake, contingent on approval of the West White Rose project restarting. 'tag' : 'Production_Start_Up,Govt_Regulatory,Field_Development,Analysis_Trends,Maritime,Offshore', 'content_type' : 'About the Industry', An analysis completed in June 2021 shows the economic impact of the Terra Nova: the project has the potential to support over 1,700 jobs and $138 million in wages during the asset life extension project stage. It began production in 2002. As a group we reach more than 850,000 people through our printed and digital channels per month: magazines, e-magazines, web sites, emailing, newsletters, and social media. The economic impact report by Jupia Consultants uses Statistics Canada data, as well as data available from Budget 2021 such as $64 USD per barrel oil price and an average royalty equivalent to $11 per barrel, and an assumed $350 million capital investment into the asset life extension project in Newfoundland and Labrador. It is estimated the extension will allow the Terra Nova FPSO to produce an additional 80 million barrels of oil. Rigzone Social Network. by Andreas Exarheas | Rigzone Staff | Thursday, September 09, 2021 Tweet The co-owners of the Terra Nova FPSO facility, and associated Terra Nova field, have finalized an agreement to. Lots of hard work by the @IET_GovNL team & many others! Alex Pourbaix, Cenovus president and chief executive officer, said, sanctioning the Terra Nova asset life extension provides a superior value proposition for our shareholders compared with the alternative of abandoning and decommissioning the project. For months, the FPSO has been moored dockside at the Bull Arm fabrication site in Trinity Bay as Suncor and its field partners struggle to find the best path forward for the project. Production from the field began in 2002, using the Terra Nova FPSO, which has the capacity to store nearly a million barrels of oil. Articles range from features on key and timely industry issues, profiles of people working in Canadas oil and gas sector and educational content and news designed to build industry knowledge. Suncor said Wednesday that production volumes for its E&P Canada . It hasnt been smooth sailing for the project in recent years. Forward-looking statements in this news release include statements and expectations regarding the Terra Nova FPSO facility and Asset Life Extension Project, including the expectation that the Asset Life Extension Project will extend production life by approximately 10 years, providing an additional 70 million barrels of resource for the partnership and provide many benefits to the Newfoundland and Labrador and Canadian economies in the form of taxes, royalties and employment, expectations regarding the maintenance work to be completed on the FPSO and that the FPSO will have a safe return to operations before the end of 2022, and the belief that this agreement will provide certainty for the 1,000 plus local direct and indirect jobs that support the project and similar statements. In total, the project has the potential to support over 1,700 jobs and $138 million in wages during the asset life extension project stage and almost 3,400 jobs and $139 million in wages annually during its ten years of operation in Newfoundland and Labrador. Based in Houston, Texas, Energy Capital is part of the international Capital Media Group, one of the most important media in the Energy, Mining, and Industrial sectors, with audiences in the US, Canada and Mexico. As part of the project, the FPSO will undergo maintenance work at the Bull Arm Fabrication site starting early September prior to sailing to dry dock in Ferrol, Spain, later this year with a return to operations anticipated before the end of 2022. Wed love to hear from you, join the conversation on the PowerUpstreamMidstreamDownstream. Canadian energy company Suncor has revealed that the Terra Nova life extension project is making progress with expectations for the subsea campaign to be completed by the end of this month and the FPSO to come back to Canada before the end of the year. Suncor had previously announced that the Terra Nova asset life extension project aims to prolong the life of the FPSO by about a decade to 2031 and produce an additional 80 million barrels. Version 9 of RETScreen Clean Energy Management Software. The Provincial Government will work to ensure that people in this province continue to receive the maximum benefit from this project. Suncor Energy's ageing Terra Nova floating production, storage and offloading vessel has arrived in Spain for vital upgrade and repair work that will keep her stationed offshore Canada for 10 more years. This was the first development in North America to use FPSO technology in a harsh weather environment featuring sea ice and icebergs. Noia members are a diverse representation of businesses that range from offshore supply boats and helicopters, health and safety equipment and training, engineering solutions and fabricators to law firms and human resource agencies. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The proposed Terra Nova Asset Life Extension is expected to extend the production life of Terra Nova by approximately 10 years and provide nearly 80 million barrels of additional oil resource. According to this weeks update from Suncor, the external hull work is done and the FPSO has been moved from the shipyards drydock to the quayside to complete the remaining work. Cenovus issued a release yesterday indicating that it has entered into agreements with its partners in the Atlantic region to restructure its working interests in the Terra Nova and White Rose projects. Legal Advisory Forward-Looking Information. Context: Energy Examined aims to provide an engaging insiders perspective for the public. On 14 January 2021, the Government of Newfoundland and Labrador announced a nonbinding Memorandum of Understanding had been reached with Suncor and the other project owners in order to strengthen the economics of extending the life of the project. Suncor, and the co-owners of the Terra Nova FPSO have finalized the agreement to restructure the project ownership and sanction plans to extend the life of the project. Each day, a trio of divers exit their pressurized chambers, where they are constantly monitored by a support team that includes medical staff, and climb into another chamber, called a diving bell, that lowers them to the ocean floor. 'audience' : 'News', Read more of our news content, here; Natural Gas Coalition sends letter to Congress opposing new methane tax. Suncor Energy is preparing for all contingencies when in comes to the fate of the Terra Nova FPSO. It is currently located between Bell Island and St. Phillips. The FPSO will undergo maintenance work at the Bull Arm Fabrication site starting early September prior to sailing to dry dock in Ferrol, Spain later this year with a safe return to operations anticipated before the end of 2022. The agreement also includes previously disclosed royalty and financial support from the Government of Newfoundland and Labrador, including up to $161.4 million (C$205 million), on a matching contribution basis, to support local onshore and offshore work related to the development, Suncor highlighted. It is estimated the extension will allow the Terra Nova FPSO to produce an additional 80 million barrels of oil. , June 24, 2019 Burnet, Duckworth, and Palmer }. The firms two primary consultants have over 30 years of combined experience working with economic development agencies, government departments, industry associations and corporate clients across Canada. pic.twitter.com/IXorFhQplB, Premier of NL (@PremierofNL) September 8, 2021. Canadian energy company Suncor and its partners in the Terra Nova FPSO and field located off Canada have finalized the agreement to restructure the project ownership and move forward with the Asset Life Extension Project. How much do you know about Canadas offshore? Does Canada have an energy competitiveness crisis? A competitive industry provides young professionals a chance to work at home in Newfoundland and Labrador. Per the announcement, the companies also said the FPSO will undergo maintenance work at the Bull Arm Fabrication site starting early September. Calgary-based Suncor Energy aims to take the final investment decision this month on its US$500 million Terra Nova Asset Life Extension (ALE) project offshore Newfoundland & Labrador, Canada. What do you think? We are the first magazine for Infrastructure Developers, Investors, and Industrial Users, across all energy sectors: power, midstream, upstream, and downstream. August 18, 2022, by Nermina Kulovic. The vessel and its crew arrived in the country on Tuesday. To contact the author, emailandreas.exarheas@rigzone.com. 'content_origin' : 'Original Content', The economic impact report for the Terra Nova project can be found here. contract extension was executed during the period January 01, 2022 to March 31, 2022. . Daily news and in-depth stories in your inbox, Canadian FPSO still on track to come back online next year, Canadian oil & gas player facing charges over FPSO incident, $12-billion mega Bay du Nord oil project put on the back burner for three years, Experienced master for Aramco/Adnoc projects, Canadian FPSO on track to return to home waters before year-end, Terra Nova partners sanction life extension project, Canadian oil & gas player runs into cyber security incident. Major milestone tucked away with submission of development plan for UK North Sea gas project, Sustainable Marine drops Nova Scotia tidal energy project, Canadian project ditches LNG for hydrogen production. Canadian energy company Suncor has revealed that the Terra Nova life extension project is making progress with expectations for the subsea campaign to be completed by the end of this month and the FPSO to come back to Canada before the end of the year. The other co-owners are Cenovus and Murphy Oil, who, joint with Suncor, will now control 100% of the project. 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. According to Suncor documents, the FPSO could be decommissioned later this year, and subsea abandonment work, which would require a drilling rig and various marine support vessels, could begin in the fall of 2022. The Terra Nova field has produced approximately 425 million barrels of oil with the asset life-extension project expected to capture another 80 million. Suncor now owns 48 per cent of the project, up from 38 per cent, Cenovus owns 34 per cent, up from 13 per cent and Murphy Oil owns 18 per cent, up from 10 per cent. The resource potential in offshore Newfoundland and Labrador is incredible. Suncor Energy Inc. Discover the vessel's particulars, including capacity, machinery, photos and ownership. Suncor's common shares (symbol: SU) are listed on the Toronto and New York stock exchanges. Jose Tremblay Accordingly, they will now move forward with the Asset Life Extension Project. In a separate statement on Wednesday, Cenovus said it would receive $78 million from the exiting partners as a contribution towards future Terra Nova asset retirement obligations. No injuries were reported. var ssdl = ssdl || {} In 2021, Suncor and the Terra Nova joint venture owners finalized an agreement to move forward with the Asset Life Extension Project which is expected to extend production life by approximately 10 years, and produce an additional 70 million barrels of oil for the partnership. Terra Nova FPSO; Source: Suncor In May 2019, Suncor and the Terra Nova joint venture owners sanctioned plans to proceed with a project that will extend the life of the FPSO vessel to approximately 2031. Nearly 1,000 jobs were linked to the field at the end of 2019, which is the last time oil was produced by the Terra Nova FPSO, an aging floating production, storage and offloading vessel that. The co-owners of the Terra Nova FPSO facility, and associated Terra Nova field, have finalized an agreement to restructure the project ownership and move forward with an asset life extension project. The FPSO has arrived at Navantia's dry dock in El Ferrol, Galicia after a four-week voyage across the Atlantic Ocean from the Bull Arm . According to Suncor, the agreement also includes the royalty and financial support from the Government of Newfoundland and Labrador; thus, including up to $205 million to support local onshore and offshore work related to the Asset Life Extension Project. Newfoundland and Labradors offshore projects are producing some of the lowest emissions per barrel globally, and with energy demand increasing, the province has significant potential to grow its industry, says Paul Barnes, director, Atlantic Canada and Offshore, Canadian Association of Petroleum Producers. The vessel is 292.2 meters . The asset life extension project is expected to allow the facility to capture approximately 80 million additional barrels of oil for the Terra Nova partnership. Jan 6, 2022 | 9:30 AM. It is critical that Newfoundland and Labrador and Canada move immediately to implement key recommendations outlined in the Oil and Gas Recovery Task Force report with a vision of improving industry competitiveness. The report includes recommendations to governments, regulators and industry for concrete actions to drive the offshore industrys recovery. Now, the focus is on fabric maintenance, such as rust removal, painting, new insulation and new heat tracing. The government of Newfoundland and Labrador provided royalty adjustments valued at approximately $300 million to support the project, and allocated $205 million in funding to the project, from the previously announced $320 million federal fund for the offshore oil and natural gas industry. Please enable JavaScript to improve your experience. Meanwhile, while the news is good for Terra Nova, the future of West White Rose remains uncertain. The biggest component of the ALE project is the work being done to the ship in Spain, but we also have divers working underwater 350 kilometres offshore of Newfoundland and Labrador, said Kirk Goobie, GM Operations, Life Extension Project. Terra Nova being sanctioned means 100s of NLers start heading back to work tomorrow.
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