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Suncor will record in the fourth quarter of 2020 a non-cash after-tax impairment charge of approximately $425 million on its share of the White Rose asset and West White Rose Project.
This is due to a recent merger deal concerning the operator (Cenovus acquiring Husky Energy), which has cast significant doubt on the future of the West White Rose Project. Discussions are ongoing with the operator and various levels of government to determine the future of the project. The Government of Newfoundland and Labrador has agreed to provide some support for the West White Rose Project in 2021.
The White Rose asset joint venture owners are Cenovus (operator, 72.5%), and Suncor (27.5%). The West White Rose Project joint venture owners are Cenovus (operator, 69%), Suncor (26%), and Nalcor (5%).
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