Cenovus boosts 2017 budget, plans to up production

CALGARY, Alberta -- Cenovus Energy plans to invest between C$1.2 billion and C$1.4 billion in 2017, a 24% increase compared with the company’s forecast capital spending for 2016.

The 2017 budget includes capital to resume construction of the phase G expansion at Cenovus’ Christina Lake oil sands project and to invest in attractive conventional oil drilling opportunities with high-return potential in southern Alberta.

The company plans to increase its total oil production in 2017 by 14% compared with its forecast average production for 2016.

“With the tremendous progress we’ve made over the last two years in reducing operating costs and sustaining capital, we’re confident we can move forward with projects that have strong potential to drive shareholder value,” said Brian Ferguson, president and CEO, Cenovus. “As we resume investing in growth projects in the year ahead, Cenovus will continue to focus on maximizing cost efficiencies and maintaining financial resilience while delivering safe and reliable operations.”