Company News

Oil producer Cenovus raises 2020 spending forecast

Dec 10 (Reuters) - Canadian oil producer Cenovus Energy Inc said on Tuesday it would spend more in 2020, after the Canadian province of Alberta lifted some curtailments on new oil wells last month.

The company said it plans to invest between C$1.3 billion ($977.37 million) and C$1.5 billion, compared with its 2019 spending forecast of C$1.1 billion to C$1.2 billion.

The Calgary-based company said it expects total production for 2020 to be between 472,000 barrels of oil equivalent per day (boepd) and 496,000 boepd, higher than its 2019 production forecast between 440,000 boepd and 464,000 boepd.

$1 = 1.3301 Canadian dollars Reporting by Arunima Kumar in Bengaluru; Editing by Shinjini Ganguli