Foster Creek oil sands project is among Cenovus’ most important upstream assets
Cenovus high grades its portfolio
Debt management has been the immediate priority for the firm, but 2022 holds plenty of growth opportunities
Canadian oil sands producer Cenovus enters 2022 with two key ambitions: cutting the company’s debt to below $8bn and achieving a 4pc production hike. The operator completed $1.1bn in divestments this year and expects to slash a fifth of its debt next year if WTI stays above $45/bl. “For 2022, we have made it very clear that we intend to get to that $8bn by the middle of year, depending on commodity prices,” says Kam Sandhar, executive vice-president, strategy and corporate development at Cenovus. “We do have a desire to get the debt below $8bn over time, which equates to somewhere in the $6-8bn range.” “For 2022, we have made it very clear that we intend to get to that $8bn by the midd
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
