Cenovus Energy Inc. plans to increase capital spending in 2022 by up to 33%, with a focus on upstream production in Alberta oilsands plants, which account for three-quarters of total output.

Cenovus Energy

The Calgary firm’s 2022 budget projects total capital expenditures (capex) of C$1.7-2 billion ($1.3-1.6 billion), from C$1.3-1.5 billion ($1-1.2 billion) this year. Oilsands commitments in 2022 are rising to C$1.35-1.55 billion ($1.08-1.24 billion) from C950 million-$1 billion ($760 million-800 million) in 2021.

The oilsands budget increase would be “mainly related to additional sustaining capital investment directed towards assets where investment was lower in recent years,” said firm said.

[Now Available: No-Code NGI Data Sync to Your Excel Spreadsheet – Get NGI’s New Excel...