CALGARY, Canada – Cenovus Energy anticipates offshore capex this year in the range $200-250 million.
This includes planned drilling offshore China and preservation capital for the suspended West White Rose development offshore Newfoundland and Labrador.
The company forecasts offshore production of 61,000-72,000 boe/d.
In mid-late 2021, Cenovus expects to drill an exploration well on block 15/33 offshore China. It has also secured partner agreement to drill an exploration commitment well in a different area outside of block 16/25 prior to April 30, 2022.
Offshore Indonesia, development at the MAC field in Madura Strait PSC license area could begin in mid-year, pending a final investment decision by the license partners.
Cenovus also holds exploration rights to a block located southwest of Taiwan in the South China Sea.
Off eastern Canada, production remains offline at the Terra Nova field where operations were suspended in December 2019. The Terra Nova FPSO is being preserved quayside as the operator and partners determine next steps.
West White Rose will remain deferred for 2021 while the company assesses its options.