Suncor offshore oil sale to Ithaca Energy faces scrutiny

Suncor has entered a definitive agreement to sell its interests in three offshore oil projects in Newfoundland and Labrador to UK-headquartered Ithaca Energy. The deal is valued at CAD $1.2 billion, with an additional $350 million potentially contingent on oil prices. The sale includes a 48% interest in the Terra Nova project, a 40% interest in the White Rose project, and a 38.6% interest in the West White Rose project.

Ithaca Energy is majority-owned by the Delek Group, an Israeli oil and gas company controlled by billionaire Yitzhak Tshuva. The Delek Group is listed in a United Nations database for involvement in activities that raise human rights concerns in occupied Palestinian territories, specifically regarding the provision of services and utilities that support settlements.

Critics suggest this acquisition may conflict with Prime Minister Mark Carney’s commitment to ban trade in goods from illegal Israeli settlements. Carney previously stated that Canada, France, and the UK would take steps to ban the importation of goods from such settlements and enforce measures against those who profit from them.