Cenovus Energy revives oilsands project, second to resume since downturn
CALGARY — Cenovus Energy said Thursday it is reviving an oilsands project it had shelved two years ago due to the downturn in crude prices, the latest sign of a possible rebound in the oilpatch.
The Calgary-based oil producer announced Thursday it will go ahead with an expansion of its Christina Lake development in northern Alberta, making it the second oilsands project in as many months to be given new life.
The company also said it plans to invest between $1.2 billion and $1.4 billion in its operations next year, up 24 per cent from this year, and increase oil production by about 14 per cent to approximately 230,000 barrels per day.
“I am confident and I am optimistic about our prospects for the year ahead,” said CEO Brian Ferguson on a conference call.