Suncor Energy Inc. (TSX:SU)(NYSE:SU), one of Canada’s largest oil companies, will write off its share of the cost the first exploration well in its Nova Scotia joint venture exploration project with Shell Canada, as it proved to be non-commercial.
The Calgary-based company said the related charge of about $80 million (Cdn$105 million) will be taken in the current quarter.
The Shelburne Basin project, located about 250 kilometres offshore, south of Halifax, is a joint venture between Shell Canada Ltd, ConocoPhillips Canada East Coast Partnership and Suncor.
Operator Shell owns 50%, ConocoPhillips 30% and Suncor 20% of the project.
Shell began drilling the first well in October.
More to come…
The post Suncor to take $80 million hit after Nova Scotia project found non-commercial appeared first on MINING.com.
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