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.
Recommended Reading
BKV CEO Chris Kalnin says ‘Forgotten’ Barnett Ripe for Refracs
2024-04-02 - The Barnett Shale is “ripe for fracs” and offers opportunities to boost natural gas production to historic levels, BKV Corp. CEO and Founder Chris Kalnin said at the DUG GAS+ Conference and Expo.
Adkins: Attacks on Fossil Fuels, Overregulation Poised to Backfire
2024-05-17 - Raymond James’ J. Marshall Adkins tells Hart Energy’s Super DUG conference attendees demonizing oil and gas, strenuous regulations and continued inflation are bound to have unexpected consequences for E&P opponents.
Kimmeridge’s Mark Viviano on Reshaping the Energy Sector, SilverBow-Crescent Deal
2024-05-16 - Kimmeridge Energy Engagement Partners’ Mark Viviano says the company is evaluating the Crescent Energy and SilverBow Acquisition and how Kimmeridge played a key role in transforming the shale sector in this Hart Energy Exclusive interview.