Oil Sands | Capital Markets | Capital Expenditure | Capital Expenditure - 2017
Cenovus Boosts Spending Plans 24% for 2017 to $1.2-1.4 Billion
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Cenovus Energy Inc. plans to invest between $1.2 billion and $1.4 billion in 2017, a 24% increase compared with the company's forecast capital spending for 2016.
Budget Breakdown: The total oil sands capital budget for the year ahead includes between $300 million and $350 million for Christina Lake, between $325 million and $375 million for Foster Creek and between $60 million and $90 million for emerging oil sands projects. Cenovus plans to spend approximately $160 million in the year ahead to drill about 50 horizontal development wells and 60 stratigraphic wells at Palliser. Cenovus plans to invest between $210 million and $240 million in its refining and marketing business in 2017.The 2017 budget includes capital to resume construction of the phase G expansion at Cenovus's…
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