Cenovus Revives White Rose Offshore Project as Oil & Gas Demand Skyrockets

June 1, 2022--Researched by Industrial Info Resources (Sugar Land, Texas)--Cenovus Energy Incorporated (NYSE:CVE) (Calgary, Alberta) is the latest exploration & production company to respond to the rapid rise in demand for fossil fuels by reviving a stalled production project. Cenovus announced this week it will return to developing its West White Rose oil project, an expansion of Canada's White Rose oilfield that was put on hold amid the COVID-19 pandemic.

Industrial Info is tracking about $13 billion worth of Cenovus projects worldwide, more than 90% of which is located in North America. Cenovus' existing offshore operations delivered 76,000 of the company's more than 125,000 barrels of oil equivalent per day (BOE/d) in the first quarter of 2022. Executives say Cenovus is benefiting from strong gas demand in China, where it continues to seek opportunities with its partners to bolster gas sales.

First oil from the White Rose platform is anticipated in the first half of 2026, with peak production anticipated to reach about 80,000 barrels per day by year-end 2029.

Other companies featured: Suncor Energy Incorporated (NYSE:SU), Nalcor Energy, BP plc (NYSE:BP) and Enbridge Incorporated (NYSE:ENB)