Suncor in no rush on UKCS sale
The Canadian producer’s exit from Norway may not be closely followed by divestment across the maritime border
Proceeds from the sales process Canada’s Suncor Energy has initiated for its UK continental shelf (UKCS) upstream assets are not included in the firm’s expectations of 2022’s free cash flow (FCF) after capex, dividends and income from divestments, suggesting it is not seeking a swift deal. Analysts feel it is right to take its time, as buying interest could be strong. “The UK will not be in” the divestment income element of 2022 FCF calculations, says Suncor CFO Alister Cowan, “it will be a 2023 number”. The firm is, though, factoring in c.$400mn of gross proceeds from the sale of its Norwegian continental shelf (NCS) assets to private equity-backed new entrant Sval Energi, which it expects

Also in this section
16 June 2025
The launch of the much-needed yet oft-delayed Africa Energy Bank remains shrouded in questions and funding constraints, but its potential is clear
16 June 2025
BP and partners have reached a $2.9b FID on a new phase at Shah Deniz, but slow progress on other gas projects is attributed to a lack of European support
13 June 2025
The two oil heavyweights’ diverging fiscal considerations are straining unity within the group
13 June 2025
US policies may have lasting effects in sectors such as energy, that rely on predictable rules and long-term planning