Ithaca Energy buys Suncor's offshore Canada assets for $860M
What's the deal? Ithaca EnergyDealroom has a profile for this one. Try Dealroom → has agreed to acquire a portfolio of offshore oil assets off Canada's east coast from Suncor EnergyDealroom has a profile for this one. Try Dealroom → for $860 million in upfront cash. The deal also carries up to $250 million in contingent payments tied to oil prices, based on a 50% sharing factor.
What's being bought? The assets sit in shallow waters off Newfoundland and Labrador. They include a 48% operated interest in Terra Nova and non-operated stakes in the White Rose fields, where first production from the West White Rose extension is expected in Q4 2026.
What's the endgame? This is Ithaca Energy's first international acquisition, extending the London-listed producer beyond the UK Continental Shelf. The company says the assets add 103 million barrels of oil equivalent in 2P reserves at around $8 per barrel and set up a "platform for further M&A" across North America.
The numbers: Ithaca expects incremental average 2P production of about 30,000 barrels of oil equivalent per day between 2027 and 2031, peaking at 35,000–40,000 in 2029. That supports a group medium-term output target of 140,000–150,000 barrels per day.
How it's paid for: Ithaca plans to fund the deal through cash on hand, its borrowing base facility, and in-country financing, staying within its leverage ceiling. It expects the transaction to be "immediately cash flow and dividend accretive."
Why now? Executive chairman Yaniv Friedman said the acquisition "marks the next era of growth" for the company. He framed it as a chance to "replicate our success in the United Kingdom Continental Shelf" by adding "long-life, low-decline barrels in an offshore operating environment similar to the UKCS."
The signal: The deal reflects continued consolidation in offshore oil, as mid-cap producers buy proven assets from larger players reshaping their portfolios. For Ithaca, diversifying away from a single basin lowers concentration risk while betting on near-term production growth from a mature, well-understood region.
Read more: pressreleasehub.pa.media
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