Ithaca Energy to Buy Three UK Assets in $1.2 Billion Cash Deal
Suncor is selling the White Rose complex to concentrate the portfolio on oil sands resources, with closing expected in early 2027.
Ithaca Energy plc agreed to buy the Terra Nova, White Rose and West White Rose assets from Suncor Energy in an asset-purchase deal of $1.2 billion (US$860 million) in upfront cash, plus a contingent payment of up to $350 million (US$250 million).
The transaction is expected to close in early 2027, subject to customary closing conditions, regulatory approvals and partner consents.
Suncor said the sale further focuses its efforts on opportunities that generate the greatest long-term shareholder value by aligning the portfolio around competitive advantages and large-scale, long-life oil sands resources.
“This transaction further focuses our efforts on opportunities that generate the greatest long-term shareholder value,” said Rich Kruger, Chief Executive Officer.
The structure is an asset purchase rather than a share deal, with the contingent consideration layered on top of the $1.2 billion cash consideration. Closing remains conditional on the usual regulatory and partner-consent hurdles, and the parties pointed to an early-2027 timetable.
Suncor framed the White Rose complex as non-core against its oil sands franchise, using the same language it applied to the portfolio realignment: competitive advantages and large-scale, long-life oil sands resources.
The contingent payment of up to $350 million sits alongside the $1.2 billion upfront cash, giving the combined consideration a ceiling of $1.55 billion if the earnout is paid in full.
Ithaca Energy, the UK-listed oil and gas producer, will take the three assets once those conditions are satisfied.