Suncor says exploration well non-commercial, to take C$105 million hit

Wed Sep 21, 2016 10:06am EDT
 
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(Reuters) - Canada's Suncor Energy Inc said the first exploration well of a joint venture in the Shelburne basin, south of Nova Scotia, was non-commercial and it would take a related charge of about C$105 million ($80 million) in the current quarter.

The Shelburne Basin deepwater exploration project is a joint venture between Shell Canada Ltd, ConocoPhillips Canada East Coast Partnership and Suncor.

Shell owns 50 percent, ConocoPhillips 30 percent and Suncor 20 percent of the project.

Shell, which operates the project, began drilling the first well in October.

(Reporting by Arathy S Nair in Bengaluru)

 
Suncor Energy head office is pictured in Calgary, Alberta June 17, 2009.  REUTERS/Todd Korol