Cenovus Energy Inc. is ratcheting up spending next year as it pushes forward with the expansion of its Christina Lake oil sands project.
CALGARY: Cenovus Energy Inc. is ratcheting up spending next year as it pushes forward with the expansion of its Christina Lake oil sands project.
The Calgary-based company says it plans to spend between $3.1 billion and $3.4 billion in 2012. That’s about 2% higher than its capital spending budget for this year.
“Our strong financial position enables us to meet current commitments while investing in long-term projects and planning to grow our dividend,” said president and CEO Brian Ferguson.
The company expects to more than double production at Christina Lake as Phase C of the project reaches full production by the middle of 2012.
Cenovus has been rapidly increasing its capital plans in recent months. In October, the oil producer boosted its 2011 budget to a combined $865 million to $885 million as it expanded its oil sands operations at Foster Creek and Christina Lake.
© 2011 The Canadian Press