Cenovus to focus 2019 budget on Foster Creek, Christina Lake

Cenovus Energy Inc, Calgary, expects to allocate the majority of its planned 2019 budget of US$1.2-1.4 billion to sustain base production at its Foster Creek and Christina Lake oil sands operations.

The company also plans to complete construction of the Christina Lake Phase G expansion.

With an approved design gross capacity of 50,000 b/d, production start-up from the expansion is expected in second half of 2019.

The company said efficiency improvements at its oil sands operations and a reduction in Deep basin development plans due to the current commodity price environment result in a 4% reduction in total planned capital spending compared with its 2018 forecast.

Currently, the company is marketing a package of noncore properties in the East Clearwater area of the Deep basin.

Source: Oil & Gas Journal