Cenovus Energy Inc., Calgary, expects to allocate the majority of its planned 2019 budget of $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 (OGJ Online, Dec. 9, 2016). With an approved design gross capacity of 50,000 b/d, production startup from the expansion is expected in second-half 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.