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

Reuters

Dec 8 (Reuters) - Canadian oil producer Cenovus Energy Inc said on Thursday it planned to increase its 2017 capital budget by about 24 percent.

The company said it intended to invest between C$1.2 billion-C$1.4 billion ($1.06 billion), compared with its forecast of C$1 billion-C$1.1 billion for 2016.

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.

(Reporting by Vishaka George in Bengaluru; Editing by Anil D'Silva)

Copyright 2016 Thomson Reuters. Click for Restrictions.

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