December 1, 2023 [Reuters]- Suncor Energy (SU.TO) said on Monday it has restarted the Terra Nova floating oil production and storage offloading vessel in Canada and production is expected to ramp up over the coming months.

Terra Nova is an oilfield located offshore Newfoundland and Labrador.

The Canadian oil site has restarted after the completion of the Terra Nova Asset Life Extension project. In 2021, Suncor and the Terra Nova joint venture owners finalized this project to extend production life by about 10 years.

Suncor, Terra Nova’s operator, owns 48%, and Cenovus Energy Inc (CVE.TO) and Murphy Oil Corp (MUR.N) own smaller stakes.

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