Suncor is selling its stakes in three offshore oil projects off Newfoundland and Labrador for $1.2 billion, CBC reported on Monday.
The assets involved are Terra Nova, White Rose and West White Rose, according to the outlet. CBC did not name the buyer or buyers, and no further terms of the transaction were included in its reporting.
The three projects sit in the offshore basin off the province's east coast, where oil has been produced for decades. Terra Nova and the White Rose field, along with its West White Rose extension, are among the region's established developments.
The sale marks a shift in Suncor's holdings in the province, though CBC's report did not state a reason for the divestment or say when the deal is expected to close.
What to watch next: confirmation of the buyer and any regulatory review of the transfer of the offshore interests.
