cenovus narrows lake phase a
Foster Creek has regulatory approvals in place for up to 295,000 bbl/day of gross production. That would be in addition to Cenovus’ 50,000 bpd Christina Lake phase G project, which the company said in December it was restarting. 54 0 obj <>/Filter/FlateDecode/ID[<5340FA57B26D7F5F5B9739873AFF1FC4>]/Index[37 26]/Info 36 0 R/Length 85/Prev 66682/Root 38 0 R/Size 63/Type/XRef/W[1 2 1]>>stream - Chevron Corporation announced that its acquisition of Noble Energy, Inc. has been completed following approval by Noble Energy shareholders. We expect the outcome of this change to increase phase A production to a maximum of 65,000 barrels of oil per day, dependent on the solvent chosen, compared with 45,000 barrels of oil per day previously. Cenovus is an integrated oil company with oil sands operations, established natural gas and oil production and a 50 percent ownership in two U.S. refineries. endstream endobj startxref Cenovus has a 50% stake in two refineries - The Wood River refinery in Illinois and the Borger Refinery in Texas, both jointly owned with Phillips 66. Total gross production capacity at both Christina Lake and Foster Creek SAGD facilities increased by 80,000 bbl/day last year to 390,000 bbl/day. It"s planned to have three phases and project life of up to 40 years. endstream endobj 38 0 obj <> endobj 39 0 obj <> endobj 40 0 obj <>stream The company's 230,000 bbl/day of refining capacity provides a hedge when oil prices are depressed. Show. However, fourth quarter netbacks were considerably better, averaging $21.45 on a bitumen realization price of $36.70 and reduced blending and transport costs (falling to $5.70/bbl). Cenovus's 2017 budget sets stage for disciplined growth ... on deferred projects at Foster Creek and Narrows Lake. -. Narrows Lake is located adjacent to the Christina Lake property and is the first commercial SAGD facility to incorporate solvent addition (butane) as a process aid. As the company plans for the restart of several expansion projects, Cenovus says it now has "a clear line of sight to five years of growth" that would take oil sands production capacity to more than 500,000 bbl/day. %%EOF If this is your first visit, be sure to check out the FAQ by clicking the link above. Calgary-based Cenovus has committed to capacity on TransCanada Corp’s proposed Keystone XL and Energy East pipelines, Ferguson said, although he did not specify volumes. Income from refining and marketing was reported at $135 million for the full year 2016, down 10% from 2015 on a 32% decline in crack spreads. © 2020 The American Energy News. Cenovus shares were last up 0.4 per cent on the Toronto Stock Exchange at C$18.03. endobj The company reports to have already resumed module assembly for the expansion, which will add another 50,000 bbl/day of gross capacity to the overall facility. If you enjoyed this article, subscribe to receive more just like it. Phase A is expected to have a design capacity of 65,000 barrels of oil per day. Christina Lake has regulatory approvals in place for up to 310,000 bbl/day of gross production. endobj 0 100 200 300 400 500 2010 2013 2016 2019 2022) Total Crude Oil Production, net to Cenovus 2023F (1) 3 Cenovus Energy Inc. 2013 Management’s Discussion and Analysis Foster … WEEKLY NEWSLETTER SIGN-UPEnergy news, site updates, oil prices and what’s moving world oil markets, delivered to your inbox every weekend. Cenovus photo. ... Petroteq Positions Itself as a Provider of Clean Technology, Petroteq Completes Pre-FEED Study for Environmentally Technology, Imperial Provides Kearl Operational Update Following Pipeline Restart, Imperial Provides Kearl Operational Update, Cenovus Reports Second Quarter 2020 Results, Petroteq Announces Continuous Asphalt Ridge Production, Mideast to Cut LNG Exports to Europe for First Time, Bergen Awarded NOK 350M EPCI Modification Project, CommScope to Showcase Wind Solutions at WINDPOWER 2012, Alfa Laval to Supply Equipment for Shell Prelude FLNG. Sanctioning of Narrows Lake phase A by Cenovus and the project partner, ConocoPhillips, is expected to lead to the conversion of a portion of the contingent resource to proved reserves in the independent reserves evaluation to be prepared for year-end 2012. Narrows Lake is located adjacent to the Christina Lake property and is the first commercial SAGD facility to incorporate solvent addition (butane) as a process aid. This page was generated The company also plans to complete construction of the Christina Lake phase G expansion. Narrows Lake is just north of Cenovus’s currently operating Christina Lake facility, near Conklin in northern Alberta. Cenovus' crown jewels are its thermal in-situ facilities, which use steam-assisted gravity drainage (SAGD) to extract bitumen from oil sands deposits located deep underground, with minimal land disturbance. hޤUmkA�+�������+AML�& =I⇋n����y�����=cR�$M9����Y�Y�a�ˤ��8&�b�3e��V2+X�`�I,;=�ú��|[�#v���������"o������aToZ�&��:��rv�릞籝����ǖ���2g�����8����R D���p�E(�uy{�)��b�Rΐ��5�YT��I�������/B���6����mg������eRÇ��k,��t�,v�%U�r�2�&��� � W��K�d�z�t�E�)>'�U��|�I��mb;_�YUR�v�5*�ۢ*��Ͳ�L���s�+u֔۶n�ݫ��@t9�s(w��׋r��妿ٕ��lv�pU4�c��%���+�Ҡ����:�41�r���j7�үF�̀@�,s� ��ND��v�3'�����"����s�t�8hi�H{���u�P���l0]�NMr�zi^�J�j(�R{����I�Y�V.�X;���uz�$��}P|t����>�D��[���k�Q����m����ɠ�o�����ُ��+�!�[q�q%߃q��~ Xu��|�-��|i�gV�� vJ3�гC-��/�����x. “This milestone takes us another step closer to bringing on production at Narrows Lake.”, Copyright © 2020 Universal Solutions All rights reserved. 0 The first phase of Narrows Lake will have a design capacity of 45,000 bbl/day, potentially expanding to 130,000 bbl/day in the future. Time. <> Ground work for the initial phase of … Cenovus Energy unexpectedly reported a $91 million operating profit for the fourth quarter of last year, much better than analysts were expecting. Transportation and blending costs were roughly unchanged at about $6.60 per barrel. Total production, which includes conventional oil and natural gas, is expected to increase to 290,000 boe/day, up from 271,525 boe/day in 2016. %���� To start viewing messages, select the forum that you want to visit from the selection below. Capital spending is expected to rise to $1.3 billion this year, up slightly from $1.2 billion spent in 2016 but still down significantly from $1.7 billion in 2015. The first phase of Narrows Lake will have a design capacity of 45,000 bbl/day, potentially expanding to 130,000 bbl/day in the future. Construction of phase G, which was shelved in 2015, is expected to restart in the first half of this year. Operating costs for the full year have declined 7% y/y to $7.48/bbl, or $5.40 excluding energy costs. All Discussions only Photos only Videos only Links only Polls only Events only. Email ( required; will not be published ), Get theAmerican Energy News today Analysts had expected the company to report a quarterly loss. (Additional reporting by Muvija M in Bengaluru; Editing by Shounak Dasgupta and Leslie Adler). 4,000 bbls/d net to Cenovus. Click here to watch production manager Dave Kuhnert explain how EndurAlloy™ production tubing has cut Crownquest Operating LLC’s Permian Basin well operating costs and extended well run-times. 2 0 obj Collapse. Thanks guys, looked for this long time too. Filter. Cenovus reported net earnings of C$91 million ($69.73 million), or 11 Canadian cents per share, in the three months ended Dec. 31, compared with a loss of C$641 million, or 77 cents per share, in the year-prior quarter. The facility also achieved a consistently high utilization rate for the year. In 2017, Cenovus hopes to boost oil sands production by almost 20% to about 178,000 bbl/day, up from a 2016 average of 149,700 bbl/day (net to Cenovus). c�c��y��)��F��ǩ���B^�����W2G�yx6Oi``��D����H3q�106 cenovus narrows lake sagd process. %PDF-1.5 %���� CEO Brian Ferguson says his company has "performed exceptionally well" in 2016, putting Cenovus in an "excellent position to pursue disciplined growth in 2017 and beyond.” Although operating costs are unlikely to fall any further, the company says it plans to "hold the line" on spending in the oil sands. Construction was underway at the site but also halted in early 2015 in order to preserve cash. 4 0 obj Cenovus plans to invest between $1.2 billion and $1.4 billion in 2019, with the majority of the budget going to sustain base production at its Foster Creek and Christina Lake oil sands operations. <>>> Cenovus’ total crude oil production rose about 10 per cent to 219,551 barrels per day in the fourth quarter. @��� �n)z Filtered by: Clear All. Operating costs for the full year have declined 16% to $10.55/bbl, or $8.09 excluding energy costs. Operating earnings were C$321 million, or 39 cents a share, compared with a loss of C$438 million, or 53 cents a share, in the fourth quarter of 2015. Cenovus says it has managed to shave $500 million off the phase G budget, now expected to cost $1.1 billion. The project is anticipated to have gross production capacity of 130,000 barrels per day (bbls/d) and be developed in three phases. Narrows Lake project had been deferred due to low oil prices. Cenovus CEO Brian Ferguson says the company has not yet made a sanctioning decision and will likely make an announcement on capital costs and timing in June. TORONTO/NEW YORK (Reuters) - Cenovus Energy Inc is seeking a partner to fund C$1.3 billion ($993.1 million) in costs to build the supporting infrastructure at its Narrows Lake … Phase A is expected to have a design capacity of 65,000 barrels of oil per day. Foster Creek's latest expansion phase was also paused early last year. stream X. Higher production numbers, lower operating costs and slightly improved oil prices have finally begun to pay dividends for the heavy oil player, now returning its focus to expansion of its oil sands operations. Direct to your Inbox Click here. <> Since our learnings from our most recent solvent pilot well at Christina Lake, we now expect to introduce solvents earlier in the startup of Narrows Lake. Cenovus raising billions to reduce debt burden following $17 billion ConocoPhillips oil sands assets buy last year. You may have to register before you can post: click the register link above to proceed. 2017 will be another year of continued growth for the company. Oil sands operating costs have declined 12% y/y to $8.91 per barrel. CALGARY, Alberta, Feb 16 (Reuters) – Canadian oil and gas producer Cenovus Energy Inc said on Thursday it is doing engineering and design work at two of its deferred oil sands projects in northern Alberta and it could potentially reactivate them in 2018 and 2019, respectively. The remarks came as Cenovus reported a surprise fourth-quarter profit as production rose and costs fell. Foster Creek averaged 163,200 bbl/day in the fourth quarter, bringing the full year average to 140,500 bbl/day. The project is anticipated to have gross production capacity of 130,000 barrels per day (bbls/d) and be developed in three phases. More details on timing of the expansion will also be provided in June. CALGARY, Alberta, Feb 16 (Reuters) – Canadian oil and gas producer Cenovus Energy Inc said on Thursday it is doing engineering and design work at two of its deferred oil sands projects in northern Alberta and it could potentially reactivate them in 2018 and 2019, respectively. h�bbd``b`�$�� ���$���� b-H�ĺ "N�� ���n�� ��X4���l#n�?��_ �� After hitting a low of $8.00/bbl in Q2/2016, operating costs creeped higher through the end of the year, averaging $9.40 in Q4. Foster Creek, Christina Lake and Narrows Lake are operated by Cenovus and jointly owned with ConocoPhillips, an unrelated U.S. public company. Narrows Lake will be the third in-situ oil sands project operated by Cenovus. Posts; Latest Activity; Search. A billion reasons to be proud In July 2019, we became the first company in the oil sands to produce a billion barrels of oil using steam-assisted gravity drainage (SAGD) technology.

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