The investment includes $1.5 billion to $2.0 billion of growth capital to progress the West White Rose project offshore Newfoundland, Canada. (Source: Shutterstock)
Calgary based Cenovus Energy Inc. announced its 2024 budget, expecting investments between CA$4.5 billion (US$3.37 billion) and $5 billion (US$3.74 billion) , according to a Dec. 14 press release.
The investment includes $1.5 billion to $2.0 billion of growth capital to progress the West White Rose project offshore Newfoundland, Canada and grow production at the Foster Creek, Christina Lake and Sunrise oil sands facilities. Total upstream production in 2024 is expected to be between 770,000 boe/d and 810,000 boe/d. Production from oil sands and thermal projects is expected to be between 590,000 bbl/d 600,000 bbl/d due to a turnaround at Christina Lake in third quarter 2024.
Crude production is also expected to increase 17%, reaching between 630,000 bbl/d and 670,000 bbl/d.
Cenovus aims to further their downstream business to improve reliability and increase margin capture as well as invest in opportunities in the conventional business. About CA$3 billion (US$2.24 billion) in investments will be directed towards sustaining production and supporting “safe and reliable” operations.
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