The Terra Nova FPSO is capable of storing 960,000 barrels of oil. Suncor Energy has restarted production from the Terra Nova floating, production, storage and offloading (FPSO) vessel offshore Canada. In 2021, Suncor and Terra Nova partners agreed to undertake Terra Nova Asset Life Extension Project to extend operational life of the project by about ten years. The Terra Nova oil field is located around 350km southeast of St. John’s in Newfoundland and Labrador province. Suncor owns 48% stake in the Terra Nova oil field while Canadian oil and natural gas company Cenovus holds 34% stake.
