Suncor gets $264m Insurance Gain on Libyan Assets

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).

(Source: Suncor)

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