Cenovus Energy Inc. says its capital budget will total between $4.0 billion and $4.5 billion in 2023, including about $2.8 billion of sustaining capital.
The company says 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 oilsands assets and opportunities in its downstream business.
The budget plan came as the company said it expects total upstream production of between 800,000 and 840,000 barrels of oil equivalent per day next year, a year-over-year increase of more than three per cent.
Oilsands production is forecast between 582,000 and 642,000 barrels per day, while conventional oil production is expected between 125,000 and 140,000 barrels of oil equivalent per day, including about 570 million cubic feet per day of natural gas.
Total offshore oil production is expected to be in a range of 65,000 to 78,000 barrels of oil equivalent per day.
Total downstream crude throughput is expected to increase nearly 28 per cent to between 610,000 and 660,000 barrels per day due to less planned turnaround work than in 2022.