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JOINT ARRANGEMENTS | 12 Months Ended
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Dec. 31, 2021
JOINT ARRANGEMENTS |
JOINT ARRANGEMENTS | 29. JOINT ARRANGEMENTS Joint Operations The company’s material joint operations as at December 31 are set out below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Country of |  | ​ |  | ​ |
​ | ​ | ​ | ​ | Incorporation and | ​ | ​ | ​ | ​ |
​ | ​ | ​ | ​ | Principal Place of | ​ | Ownership % | ​ | Ownership % |
Material Joint Operations | ​ | Principal Activity | ​ | Business | ​ | 2021 | ​ | 2020 |
Oil Sands |  |  |  |  |  |  |  |  | ​
Operated by Suncor: |  |  |  |  |  |  |  |  | ​
Fort Hills Energy Limited Partnership |  | Oil sands development |  | Canada |  | 54.11 |  | 54.11 | ​
Meadow Creek | ​ | Oil sands development | ​ | Canada | ​ | 75.00 | ​ | 75.00 | ​
Syncrude(1) | ​ | Oil sands development | ​ | Canada | ​ | 58.74 | ​ | — | ​
Non-operated: |  |  |  |  |  | ​ |  | ​ | ​
Syncrude(1) |  | Oil sands development |  | Canada |  | — |  | 58.74 | ​
Exploration and Production |  |  |  |  |  | ​ |  | ​ | ​
Operated by Suncor: |  |  |  |  |  | ​ |  | ​ | ​
Terra Nova(2) |  | Oil and gas production |  | Canada |  | 48.00 |  | 37.68 | ​
Non-operated: |  |  |  |  |  | ​ |  | ​ | ​
Buzzard | ​ | Oil and gas production | ​ | United Kingdom | ​ | 29.89 | ​ | 29.89 | ​
Fenja Development JV | ​ | Oil and gas production | ​ | Norway | ​ | 17.50 | ​ | 17.50 | ​
Golden Eagle Area Development(3) | ​ | Oil and gas production | ​ | United Kingdom | ​ | — | ​ | 26.69 | ​
Hibernia and the Hibernia South Extension Unit(4) | ​ | Oil and gas production | ​ | Canada | ​ | 19.48-20.00 | ​ | 19.19-20.00 | ​
Hebron | ​ | Oil and gas production | ​ | Canada | ​ | 21.03 | ​ | 21.03 | ​
Harouge Oil Operations | ​ | Oil and gas production | ​ | Libya | ​ | 49.00 | ​ | 49.00 | ​
North Sea Rosebank Project | ​ | Oil and gas production | ​ | United Kingdom | ​ | 40.00 | ​ | 40.00 | ​
Oda | ​ | Oil and gas production | ​ | Norway | ​ | 30.00 | ​ | 30.00 | ​
White Rose and the White Rose Extensions(5) |  | Oil and gas production |  | Canada |  | 26.13-27.50 |  | 26.13-27.50 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | Suncor became the operator of the Syncrude project effective September 30, 2021.
(2) | In the third quarter of 2021, Suncor finalized an agreement with the co-owners of the Terra Nova Project to restructure the project ownership and move forward with the Asset Life Extension Project. The agreement increased the company’s working interest to 48.00%.
(3) | Suncor sold its 26.69% working interest in the Golden Eagle Area Development in the fourth quarter of 2021.
(4) | In the first quarter of 2021, the first redetermination of the Hibernia South Extension Unit increased the company’s interest by 0.29% (from 19.19% to approximately 19.48%).
(5) | In the third quarter of 2021, Suncor entered into a conditional agreement to increase its interest by 12.50% to approximately 40.00% in the White Rose asset subject to the sanctioning of the West White Rose Project.
Joint Ventures and Associates The company does not have any joint ventures or associates that are considered individually material. Summarized aggregate financial information of the joint ventures and associates, which are all included in the company’s Refining and Marketing operations, are shown below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Joint ventures | ​ | Associates |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
($ millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020 |
Net earnings (loss) |  | 5 |  | (10) |  | (2) |  | 9 | ​
Total comprehensive earnings (loss) |  | 5 |  | (10) |  | (2) |  | 9 | ​
Carrying amount as at December 31 |  | 63 |  | 58 |  | 66 | ​ | 68 | ​
​

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