Suncor buys interest in field off Norway

A Suncor Energy Inc. subsidiary has acquired a 17.5% interest in Fenja oil field in the Norwegian Sea from Faero Petroleum PLC for $54.5 million.

The field, discovered in 2014, is 30 km southwest of Njord field operated by Statoil.

Development, pending approval by Norwegian authorities, will involve subsea completions tied back to the Njord platform, with production beginning in 2021.

Faero Petroleum will retain a 7.5% interest. Other interests are VGN Norge, operator, 30%, and Point Resources, 45%.