The Terra Nova FPSO sits anchored in Conception Bay in this SaltWire Network file photo.The Terra Nova Floating, Production, Storage and Offloading vessel is still expected to be back on the Grand Banks before year’s end, with production on the oil field hoped to resume early in the new year, according to Suncor Energy.
Discovered in 1984, the Terra Nova oil field — about 350 kilometres south east of Newfoundland — was the second to be developed on the Grand Banks offshore. Production from the field began in 2002. It was the first project developed in North America to use FPSO technology in a harsh weather environment featuring sea ice and icebergs.
Following a downturn in the province’s offshore oil industry during the COVID-19 pandemic, there will once again be four producing projects in offshore Newfoundland and Labrador.
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