Suncor Energy provides update on Shelburne Basin exploration project
Published by Louise Mulhall,
Editorial Assistant
Oilfield Technology,
Suncor has reported that it has been advised by the operator of the Shelburne Basin joint venture exploration project, Shell Canada Limited, that the drilling of the first exploration well has been completed and it is non-commercial.
As a result, in the third quarter of 2016 Suncor will write off its share of the cost of the well which, under the commercial terms of Suncor's farm-in agreement, is expected to be approximately C$105 million (after-tax).
The Shelburne Basin deepwater exploration project is located approximately 250 km offshore, south of Halifax, Nova Scotia. Joint venture participants are operator Shell Canada Limited (50%), ConocoPhillips Canada East Coast Partnership (30%) and Suncor (20 %).
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/22092016/suncor-energy-provides-update-on-shelburne-basin-exploration-project/
You might also like
Urgent oil and gas decommissioning could deliver 25 000 jobs for North Sea workers
Urgent action to ensure oil and gas companies meet their legal obligations to safely remove ageing oil and gas infrastructure from the North Sea could create up to 25 000 UK jobs and deliver up to £15 billion in economic benefit to the UK, a new first-of-its-kind report shows.