2016-12-08 Product news

Canada's Cenovus To Raise 2017 Capital Budget By 24%

Canadian oil producer Cenovus Energy Inc said on Thursday it planned to increase its 2017 capital budget by about 24 percent.

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Cenovus also said it expected 2017 oil production to rise 14 percent to 223,000-240,000 barrels per day (bpd), while oil sands production is estimated to increase by 20 percent to 172,000-184,000 bpd.

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Other oil producers project declines in spending. In March, Chevron pledged to slash its capital budget by as much as 36 percent in 2017 and 2018, in a bid to preserve its historic dividend during the downturn.


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