- Cenovus Energy (CVE) and its partners have agreed to restart the $3.6B offshore West White Rose Project in Newfoundland
- Initial production is anticipated in the first half of 2026, and peak production by year-end 2029
- The West White Rose Project will add an expected 14 years of production to the White Rose field
- Cenovus Energy Inc. is an energy company with oil and natural gas operations in Canada and the Asia Pacific region
- Cenovus Energy Inc. (TSX:CVE) opened trading at C$29.78
Cenovus Energy (CVE) and its partners have agreed to restart the offshore West White Rose Project in Newfoundland.
Initial production is anticipated in the first half of 2026, with peak production anticipated to reach approximately 80,000 barrels per day (bbls/d), 45,000 bbls/d net to Cenovus, by year-end 2029.
“The joint venture owners have worked together to significantly de-risk this project over the past 16 months. As a result, we’re confident restarting West White Rose provides superior value for our shareholders compared with the option of abandonment and decommissioning,” said Alex Pourbaix, Cenovus President & Chief Executive Officer.
“With the project about 65 per cent complete, combined with the work done over the past 16 months to firm up cost estimates and rework the project plan, we are confident in our decision to restart this project in 2023.”
Under an agreement between Cenovus and Suncor, Cenovus will decrease its working interest in the White Rose field.
The remaining capital required to achieve first oil is expected to be approximately $2.0 billion to $2.3 billion net to Cenovus. This includes construction costs of approximately $1.6 billion to $1.8 billion net to Cenovus for the completion of the West White Rose full platform.
The West White Rose Project will add an expected 14 years of production to the White Rose field and is about 65 per cent complete.
Cenovus Energy Inc. is an energy company with oil and natural gas operations in Canada and the Asia Pacific region.
Cenovus Energy Inc. (TSX:CVE) opened trading at C$29.78.
