Cenovus Energy and its partners have agreed to restart the West White Rose oilfield project offshore Newfoundland and Labrador, Canada in 2023, the oil and gas producer said on Tuesday.
Major construction activities in West White Rose project, which is expected to add 14 years of production to the White Rose oilfield, were suspended due to the COVID-19 pandemic outbreak in 2020.
"With the project about 65% complete, combined with the work done over the past 16 months to firm up cost estimates and rework the project plan, we are confident in our decision to restart this project in 2023," Alex Pourbaix, chief executive officer of Cenovus, said in a statement.
The company said the first oil from the platform is anticipated in the first half of 2026. Peak production is expected to reach about 80,000 barrels per day (bbls/d), 45,000 bbls/d net to Cenovus, by year-end 2029.
The decision to restart the project comes after Cenovus Energy in September entered into agreements with its partners to raise its working interest in the Terra Nova project in Newfoundland and reduce it in the White Rose field.
(Reuters - Reporting by Rithika Krishna in Bengaluru; Editing by Amy Caren Daniel)
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