By John Lee.
Profits at Canada’s Suncor’s have benefitted from an insurance gain of $264 million on its assets in Libya.
According to a statement from the company:
“During the first quarter of 2019, the company received $363 million in insurance proceeds for its Libyan assets ($264 million after‑tax). The proceeds may be subject to a provisional repayment that may be dependent on the future performance and cash flows from Suncor’s Libyan assets.”
The company has a 49-percent working interest in Harouge Oil Operations (HOO).