Suncor sells Dana UK North Sea assets for $372MM

Source: Suncor Energy

Suncor Energy (NYSE:SU) has reached an agreement to sell a number of UK offshore assets for £240 million (approximately US $372 million) to an affiliate of Dana Petroleum with an effective date of July 1, 2010. 

The sale involves Petro-Canada UK Limited's interests in 12 offshore production and exploration licenses in the UK sector of the North Sea. Production from those assets to date in 2010 has averaged approximately 16,000 barrels of oil equivalent per day net to Suncor. The interests also include its share of the ownership of the Triton floating production, storage and offloading vessel (FPSO) related to the Guillemot West/North West and Bittern fields. 

The sale is expected to close in the fourth quarter of 2010 and is subject to Dana Petroleum plc shareholder approval (if required by applicable regulatory authorities) and closing conditions, closing adjustments to the purchase price, and regulatory approvals typical of transactions of this nature. 

As part of its strategic business alignment, Suncor is continuing with plans to divest of a number of non-core assets. Announced sales to date include all oil and gas producing assets in the United States Rockies, non-core natural gas properties in Western Canada, all Trinidad and Tobago assets and all shares in Petro-Canada Netherlands B.V. Remaining proposed divestments include certain natural gas assets in Western Canada. 

To date – including the sale announced today – Suncor has disposed of, or reached agreements to dispose of, assets for aggregate consideration of approximately $3.3 billion, prior to closing adjustments.

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