Cenovus Poised to Expand Canadian Oil Sands Production in 2024
Attachment: Cenovus 2024 outlook
March 7, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--Canadian oil sands producer Cenovus Energy Incorporated (NYSE:CVE) (Calgary, Alberta) chalked up significant progress on some of its highest-valued projects in 2023, and is planning to grow its oil and gas output by 19% to 950,000 barrels of oil equivalent per day over the next five years. Executives told investors that as Canada's pipeline capacity expands, the company's oil sands production is expected to grow 75,000 barrels per day (BBL/d) over the same period to to 700,000 BBL/d.
Industrial Info is tracking more than US$14 billion worth of active and planned projects from Cenovus, more than US$8 billion of which is attributed to projects in Alberta's oil sands. Among the assets expected to see growth are the Narrows Lake, Foster Creek and Sunrise developments in Alberta, and the White Rose development in the Canadian Atlantic.
