CALGARY, Canada – Cenovus Energy anticipates offshore production in 2022 in the range of 64,000-76,000 boe/d.
This includes contributions from expected start-ups of the MDA and MBH fields offshore Indonesia; gas sales from the Liwan field offshore China; and the anticipated resumption of operations through the Terra Nova FPSO offshore Newfoundland following asset life extension works.
Next year the company has budgeted offshore capex of $200-$250 million, primarily covering works on Terra Nova and preservation capital for the suspended West White Rose project in the same region.
The partners continue to assess future options for West White Rose, with a decision on further investment likely to be taken by mid-2022.
Under recent agreements with its partners, Cenovus’ interest in the original White Rose field would fall from 72.5% to 60%, and its share of the satellite extension fields would reduce from 68.88% to 56.38%, if the West White Rose project proceeds with a re-start.