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Released November 10, 2025 | SUGAR LAND
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Written by Will Ploch, Assistant Editor-in-Chief for Industrial Info Resources (Sugar Land, Texas)
Cenovus executives expect their company's acquisition of MEG to close later this month. The acquisition is expected to bring Cenovus roughly 110,000 barrels per day (BBL/d) of oil sands production, the bulk of which will be from MEG's Christina Lake production complex near Fort McMurray, which is about 30 miles west of Cenovus' US$1 billion Narrows Lake Bitumen Production Plant, which started construction over the summer.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project and Plant databases can learn more about these developments--including capacities, investment values and necessary equipment--from detailed profiles of the Christina Lake and Narrows Lake facilities, and a detailed project report on the Narrows Lake construction.
Elsewhere in the oil sands, Cenovus is seeking permits for a proposed expansion of its Foster Creek Production Plant near La Corey, Alberta, which achieved record production of 215,000 BBL/d in the third quarter. The company already brought four new steam-assisted gravity drainage (SAGD) generators online over the summer, and the expansion could add up to 80,000 BBL/d of steam capacity, which would add about 30,000 BBL/d of production, according to executives who spoke in a quarterly earnings-related conference call. Subscribers can learn more from a detailed project report and plant profile.
Cenovus also has projects in Saskatchewan's share of the oil sands. The company is developing its Edam Central Production and Processing Plant in Vawn, which lies within the Canadian extension of the Bakken Shale. The facility is designed to use SAGD technology to produce 10,000 BBL/d. Subscribers can learn more from a detailed project report and plant profile.
By the Numbers
"At the West White Rose project, we completed some intricate and critical work in the third quarter that included installing the top sides on the gravity-based structure, making subsea connections at 120 meters below the ocean surface, and completing a turnaround of the SeaRose FPSO," said Jonathan McKenzie, the chief executive officer of Cenovus, in the earnings call." He later added, "We will be drilling from the platform prior to year-end and seeing first oil in the second quarter of next year."
Subscribers can learn more about the West White Rose project from a detailed project report and plant profile, and can read a detailed profile of the SeaRose FPSO.
Not including the MEG acquisition, Cenovus expects its 2026 capital expenditures will total roughly C$4.2 billion (US$2.99 billion), although executives expect about another C$800 million (US$569.64 million) for sustaining and growth capital on the MEG assets, according to McKenzie. The non-MEG total is noticeably lower when compared to the C$5 billion average from recent years.
"With the West White Rose project now substantially complete, we continue to expect our growth capital to come down significantly in 2026," said Kam Sandhar, the chief financial officer of Cenovus, in the earnings call.
Cenovus's total revenues were C$13.2 billion (US$9.4 billion) in the third quarter, a 37.8% increase from the same period last year. Net income stood at C$1.29 billion (US$918.5 million), a 56.8% increase.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and proposed projects from Cenovus.
Key Takeaways
About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Summary
With MEG adding substantially to its oil sands assets, Cenovus is set for a significant expansion in Canada's energy sector, including a major offshore developmentMEG Further Grows List of Oil Sands Developments
Cenovus Energy's (Calgary, Alberta) pending acquisition of MEG Energy Corporation (Calgary) made headlines over the past few months amid a protracted, ultimately victorious battle with Strathcona Resources Limited (Calgary). But Cenovus' third-quarter results show this is part of a bigger buildout in Canada's oil sands region, with its neighboring facilities slated for expansions. Industrial Info is tracking more than US$18 billion worth of active and proposed projects from Cenovus, nearly US$10 billion of which is attributed to projects in Canada's oil sands.Cenovus executives expect their company's acquisition of MEG to close later this month. The acquisition is expected to bring Cenovus roughly 110,000 barrels per day (BBL/d) of oil sands production, the bulk of which will be from MEG's Christina Lake production complex near Fort McMurray, which is about 30 miles west of Cenovus' US$1 billion Narrows Lake Bitumen Production Plant, which started construction over the summer.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project and Plant databases can learn more about these developments--including capacities, investment values and necessary equipment--from detailed profiles of the Christina Lake and Narrows Lake facilities, and a detailed project report on the Narrows Lake construction.
Elsewhere in the oil sands, Cenovus is seeking permits for a proposed expansion of its Foster Creek Production Plant near La Corey, Alberta, which achieved record production of 215,000 BBL/d in the third quarter. The company already brought four new steam-assisted gravity drainage (SAGD) generators online over the summer, and the expansion could add up to 80,000 BBL/d of steam capacity, which would add about 30,000 BBL/d of production, according to executives who spoke in a quarterly earnings-related conference call. Subscribers can learn more from a detailed project report and plant profile.
Cenovus also has projects in Saskatchewan's share of the oil sands. The company is developing its Edam Central Production and Processing Plant in Vawn, which lies within the Canadian extension of the Bakken Shale. The facility is designed to use SAGD technology to produce 10,000 BBL/d. Subscribers can learn more from a detailed project report and plant profile.
By the Numbers
- The MEG acquisition is expected to bring Cenovus roughly 110,000 BBL/d of oil sands production.
- Foster Creek saw record production of 215,000 BBL/d in the third quarter, and could see an expansion in the future.
- Cenovus expects its 2026 capital expenditures will total about C$4.2 billion, with another C$800 million for MEG.
As Big Projects Wind Down, So Does Spending
One of Cenovus' most closely watched projects, the West White Rose drilling project offshore Newfoundland, is expected to be substantially completed in the coming months. Under construction since 2018, the development aims to produce 52,500 BBL/d, with a daily peak of 75,000 BBL/d. The product will be transported to Cenovus' SeaRose floating production storage and offloading (FPSO) unit."At the West White Rose project, we completed some intricate and critical work in the third quarter that included installing the top sides on the gravity-based structure, making subsea connections at 120 meters below the ocean surface, and completing a turnaround of the SeaRose FPSO," said Jonathan McKenzie, the chief executive officer of Cenovus, in the earnings call." He later added, "We will be drilling from the platform prior to year-end and seeing first oil in the second quarter of next year."
Subscribers can learn more about the West White Rose project from a detailed project report and plant profile, and can read a detailed profile of the SeaRose FPSO.
Not including the MEG acquisition, Cenovus expects its 2026 capital expenditures will total roughly C$4.2 billion (US$2.99 billion), although executives expect about another C$800 million (US$569.64 million) for sustaining and growth capital on the MEG assets, according to McKenzie. The non-MEG total is noticeably lower when compared to the C$5 billion average from recent years.
"With the West White Rose project now substantially complete, we continue to expect our growth capital to come down significantly in 2026," said Kam Sandhar, the chief financial officer of Cenovus, in the earnings call.
Cenovus's total revenues were C$13.2 billion (US$9.4 billion) in the third quarter, a 37.8% increase from the same period last year. Net income stood at C$1.29 billion (US$918.5 million), a 56.8% increase.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of reports for active and proposed projects from Cenovus.
Key Takeaways
- MEG's Christina Lake project will join Cenovus' Narrows Lake, Foster Creek and Edam projects in Canada's oil sands.
- The long-anticipated West White Rose drilling project is expected to be completed in the coming months.
- With more big-ticket projects at or near completion, the company's capex is expected to dip in the near term.
About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
