February 18, 2011 / 12:22 PM / in 7 years

RPT-UPDATE 1-Cenovus Q4 bitumen production up 12 pct

(Repeats, with no changes, to additional subscribers)

* Says 2010 bitumen reserves were 1.2 bln barrels

* Sees 3-5 pct rise in costs in 2011 (Adds details)

Feb 18 (Reuters) - Cenovus Energy Inc’s quarterly production at its Foster Creek and Christina Lake oil sands rose 12 percent and said its proved bitumen reserves at end 2010 were up 33 percent.

Cenovus, which is best known for its steam-driven oil sands projects in Alberta, also said it sees a 3-5 percent rise in costs this year, mainly related to labour for expanding its oil sands operations.

Its operating costs at Foster Creek and Christina Lake averaged $11.28 a barrel in 2010.

Cenovus, Canada’s No. 2 independent oil producer, said fourth-quarter production at Foster Creek and Christina Lake totalled 60,789 barrels per day (bbl/d), before royalties, up from 54,336 bbl/d, a year ago.

While other conventional oil and natural gas liquids production fell 4 percent to 47,066 bbl/d.

Cenovus’ proved bitumen reserves at Dec 31, 2010 were 1.2 billion barrels.

The Calgary, Alberta-based Cenovus’ shares closed at C$36.59 on Thursday on the Toronto Stock Exchange. (Reporting by Arnika Thakur; Editing by Jarshad Kakkrakandy)

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