ST. JOHN'S, N.L. — The newly painted and retrofitted Terra Nova floating production, storage and offloading vessel (FPSO) is expected to be back in ...
The Terra Nova FPSO sits in Conception Bay after arriving back in the province following a refit in Spain. - Keith Gosse/The TelegramST. JOHN'S, N.L. — The newly painted and retrofitted Terra Nova floating production, storage and offloading vessel is expected to be back in production phase sometime this spring, reactivating up to 1,000 local jobs, Suncor Energy says.“It was great to see her sail back into Canadian waters.
During the outbreak of the COVID19 pandemic the future of the Terra Nova FPSO looked bleak. Decreasing demand for oil, and low oil prices, played havoc with the oil and gas industry worldwide and the Terra Nova partners were considering scrapping the project. In its report to shareholders for the fourth quarter of 2022, Suncor reports it had net earnings of $2.741 billion in the fourth quarter of 2022, compared to $1.553 billion in the prior year quarter.
That has some questioning if there really was a need for the provincial and federal governments to help save the project.
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