FACTS (for a change)Globe says it's boom times again for Cenovus, others
Ticker Symbol:C:CVE C:MEG C:CLL C:ATH C:SU
Globe says it's boom times again for Cenovus, others
Cenovus Energy Inc (C:CVE)
Shares Issued 751,747,955
Last Close9/10/2010 $28.71
Monday September 13 2010 - In the News
Also MEG Energy Corp (C:MEG) In the News
Also Connacher Oil and Gas Ltd(C:CLL) In the News
Also Athabasca Oil Sands Corp (C:ATH) In the News
AlsoSuncor Energy Inc (C:SU) In the News
The Globe and Mail reports in its Saturday, Sept. 11, editionthat Cenovus Energy's Christina Lake project currently produces 15,500 barrelsper day and by 2019 should be producing about 258,000 barrels daily, a 17-foldincrease. The Globe's Nathan VanderKlippe writes that the oil sands industry isin resurgence mode. Only a year ago, the sector was in retreat. Now the oilsands have managed an impressive reversal. A silent boom has spread across theenergy industry. The cost of building a new oil sands project now exceeds thelevels seen at the heights of 2008, when oil hit $147 (U.S.) a barrel and FortMcMurray was at the centre of a raging inflation wildfire. Suppliers that wereoffering 10- to 40-per-cent discounts last year have almost entirely clawed backthose reductions. The number of workers in oil sands camps has topped the peakin 2008. The current surge is founded on the remnants of the last boom. Thethousands of workers building Royal Dutch Shell's Jackpine River mine, forexample, have yet to finish that project, but soon will. Statoil, MEG Energy,Connacher Oil and Gas, Devon Energy, ConocoPhillips, Athabasca Oil Sands, SuncorEnergy and Cenovus are each building new capacity.
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