We congratulate Cenovus on the approval of their 180,000 bpd oils sands project, located 300 km north of Edmonton within the company’s Greater Pelican Region in northern Alberta.
Observers expect a Cenovus development decision to proceed with Grand Rapids before year end 2014. Their extensive existing infrastructure, including roads, power and camps at Pelican Lake bode well for cost effective resource development here. Cenovus and its predecessor companies have been operating and producing oil in this region for more than 15 years.
“We’re pleased to have received regulatory approval for our fourth oil sands project,” said Brian Ferguson, Cenovus President & Chief Executive Officer. “Developing the Grand Rapids project contributes to our long-term business plan of creating shareholder value by increasing the company’s oil production capacity over the next decade.”
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