(Calgary) Cenovus Energy says its capital spending budget will total between $4.0 billion and $4.5 billion in 2023, including about $2.8 billion in sustaining reinvestment.
According to the Calgary-based company, between $1.2 billion and $1.7 billion will be spent on optimization and growth, including construction of the West White Rose project, optimization of its oil sands assets and for opportunities in its downstream activities.
Cenovus said Tuesday it expects total upstream production equivalent to between 800,000 and 840,000 barrels of oil per day next year, which would represent a year-over-year increase of more than 3%.
Oil sands production is expected to be between 582,000 and 642,000 barrels per day, while conventional oil production is expected to be between 125,000 and 140,000 barrels of oil equivalent per day, including approximately 570 million cubic feet per natural gas day.
Total offshore oil production is expected to be in the range of 65,000 to 78,000 barrels of oil equivalent per day.
Total downstream crude throughput is expected to increase nearly 28% to between 610,000 and 660,000 barrels per day due to lower planned work at the facilities compared to 2022.