The Globe and Mail reports in its Monday edition that Suncor is selling its interests in three oil fields off Newfoundland to London-based Ithaca Energy PLC. The Globe's Jeffrey Jones writes that the deal, worth up to $1.55-billion, marks a major reduction in the Calgary-based company's presence in the region. Suncor said on Sunday the sale of stakes in the Terra Nova, White Rose and West White Rose projects is aimed at honing the company's focus on its main cash-generating assets in Northern Alberta, where it is one of the largest players. The company is selling its 48-per-cent interest in Terra Nova, its 40-per-cent interest in White Rose and its 38.6-per-cent interest in West White Rose for $1.2-billion. Ithaca, one of the largest operators in the British North Sea, could also be on the hook for an additional contingent payment of up to $350-million. Suncor said it will retain its stakes in the Hibernia and Hebron fields, which are also located off Canada's East Coast. Ithaca will become the operator of Terra Nova. PetroCanada, which Suncor acquired 17 years ago, discovered that field in 1984. The interests provide long-life reserves in an operating environment that is similar to that on the U.K. Continental Shelf.