A start on additions to oil production offshore Newfoundland topped the 2023 growth agenda prompting a 50% budget increase for 2023 by Calgary-based Cenovus Energy Inc.

cenovus portfolio map

Spending would jump to C$600-700 million ($450-525 million) in 2023 to begin work on a new platform and drilling, dubbed West White Rose, 180 miles east of Newfoundland’s capital, St. John’s.

“We’re pursuing strategic initiatives in 2023,” said CEO Alex Pourbaix in announcing the firm’s budget.

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