Suncor writes off Libyan assets

A writedown of Libyan assets by Suncor Energy Inc., paired with lower production meant high oil prices and strong refining margins, only helped lift second quarter profit a narrow 4.1 per cent.

Canada’s top energy producer, after hinting in May it might wipe Libyan assets off its books, took a $514-million hit during the quarter by reducing the expected value of its oil operations in Libya, where production halted after Ottawa issued sanctions against the country.

Suncor said Thursday it’s not sure operations will resume in the war-torn North African nation, which has faced political upheaval and fighting since January.

The company’s exploration and production agreements can be cancelled if a force majeure declared by the firm, indicating the situation is beyond its control, extends past two years.

Read Full Article from Calgary Herald

- Posted: 2011-07-28 17:17:57

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