Ithaca Energy to Acquire Suncor's Canadian Assets for $860 Million

Key Facts

1Ithaca Energy announced an $860 million deal to acquire Suncor Energy's offshore Canadian oil assets.

2The acquisition includes a 48% operated interest in Terra Nova and stakes in White Rose lands off Newfoundland and Labrador.

3The deal aims to lift the firm's medium-term production outlook to 140,000-150,000 barrels of oil equivalent per day.

Ithaca Energy announced an $860 million deal to acquire Suncor Energy's offshore Canadian oil assets. Proactive Investors reported that the acquisition includes a 48% operated interest in the Terra Nova field and various stakes in White Rose lands off the coast of Newfoundland and Labrador. The transaction is designed to lift the firm's medium-term production outlook to a range of 140,000 to 150,000 barrels of oil equivalent per day.

The move represents a strategic effort by Ithaca Energy to achieve geographic diversification and expand its resource base beyond the UK North Sea. Regarding market performance, ITH.L closed at 275.40 pence on October 2, 2026, while SU closed at $69.56 on the same date.