Canada’s Cenovus Energy forecast higher production in 2025 on Thursday, banking on benefiting from new projects coming online.
The company forecast its upstream production between 805,000 and 845,000 barrels of oil equivalent per day (boepd) for 2025, compared with 770,000 boepd to 810,000 boepd expected this year.
“Cenovus will deliver important milestones on our major growth projects in 2025, including achieving first oil from Narrows Lake, installation of the West White Rose offshore facilities and commencement of drilling, and preparations for first steam at the Foster Creek optimization project,” said CEO Jon McKenzie.
It expects expenses to be between C$4.6 billion ($3.25 billion) and C$5 billion in 2025, compared with the estimated spending of C$4.5 billion to C$5 billion in 2024.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Shilpi Majumdar)