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
Source DocumentsCenovus 10yr-plan-update
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