Cenovus Sees Upstream Growth, Downstream Woes in Early 2023

April 18, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Cenovus Energy Incorporated (NYSE:CVE) (Calgary, Alberta) expects to spend between US$1.2 billion and US$1.7 billion on companywide optimization and growth projects in 2023, as it assumes a stronger role in Canada's oil sands market. But the oil and natural gas developer is facing headwinds in its downstream businesses, which have been stalled by a series of accidents at its U.S. refineries.

Industrial Info is tracking more than US$15 billion worth of active projects from Cenovus, nearly US$10 billion of which is in Canada's Oil Sands. Cenovus announced in December it would spend between US$600 million and US$700 million in 2023 on its West White Rose offshore drilling project in the Atlantic, offshore Newfoundland and Labrador, which is expected to incur about US$3.2 billion of investment before its first oil is produced in 2026.

Other companies featured: China National Offshore Oil Corporation, Samudra Energy and BP plc (NYSE:BP)