Monday, June 13, 2011

Cenovus Plans to Accelerate Oil Projects; 500,000 bpd of Net Oil Production Expected by 2021

Cenovus Energy Inc. is planning to accelerate development of its oil sands and conventional oil properties, targeting output of half a million barrels per day within 10 years. The company has approved a 2011 strategic plan that builds upon its original strategy created in 2010 and establishes new timeline and significant oil production increases for the next decade.
The plan targets:
- Total oil production of about 500,000 bpd net by the end of 2021  
- Oil sands production of more than 400,000 bpd net by the end of 2021, about six times greater than current oil sands production
- Conventional oil production of 120,000 bpd to 130,000 bpd by the end of 2016, nearly double current production of about 70,000 bpd 
- A new oil sands project phase expected on stream every 12 to 18 months 
- An increase in total production capacity at Foster Creek to between 270,000 and 290,000 bpd gross, through increased production capacity at phases F, G and H and future phases 
- Drilling about 450 stratigraphic (strat) wells per year for the next five years to prepare for the development of oil sands opportunities
- Doubling of net asset value in the 2010 to 2015 timeframe

"We now have five phases at Foster Creek and three at Christina Lake operating with design capacity of 178,000 barrels per day. We have regulatory approval in place for projects under construction to get to about 440,000 barrels per day of operating capacity on a gross basis" said Brian Ferguson, Cenovus CEO

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