Cenovus Energy Inc. says its capital budget will be between $4.0 billion and $4.5 billion in 2023, including about $2.8 billion in sustainable capital.
The company says between $1.2 billion and $1.7 billion will be spent on optimization and growth, including building the West White Rose project, optimizing its oil sands assets and opportunities in its downstream business.
The budget plan came as the company said it expects total upstream production of between 800,000 and 840,000 barrels of oil equivalent per day next year, a year-on-year increase of more than three percent.
Read more:
Cenovus CEO takes aim at oil and gas critics; says sector pays billions in taxes
Read more
-
![]()
Cenovus CEO takes aim at oil and gas critics; says sector pays billions in taxes
Oil sands production is forecast between 582,000 and 642,000 barrels per day, while conventional oil production is expected between 125,000 and 140,000 barrels of oil equivalent per day, including about 570 million cubic feet per day of natural gas.
Total offshore oil production is expected to be in the range of 65,000 to 78,000 barrels of oil equivalent per day.
Total downstream crude throughput is expected to rise nearly 28 percent to between 610,000 and 660,000 barrels per day due to fewer planned turnarounds than in 2022.
© 2022 The Canadian Press
