Canadian player Cenovus Energy has increased its capital spending forecast for next year to between C$1.2 billion (US$1 billion) and C$1.4 billion as it aims to boost production and re-start postponed projects.
Cenovus said that about 70% of its 2017 capital budget will go towards sustaining its oil sands production, while 30% is planned for “growth projects at the existing and emerging oil sands assets as well as at its tight oil assets in southern Alberta”.
The spending planned for next year is a 24% increase compared to this year’s capex and includes capital to resume construction of the phase G expansion at Cenovus' Christina Lake oil sands project, which was deferred...
