Referenced Stocks

UPDATE: Cenovus Receives Approval For Narrows Lake; Shares Down Slightly

By Midnight Trader,  May 31, 2012, 11:18:28 AM EDT

Cenovus Energy Inc. (CVE.TO) has received approval from the Alberta Energy Resources Conservation Board (ERCB) to proceed with its Narrows Lake oil sands project. Narrows Lake is just north of Cenovus's currently operating Christina Lake facility, near Conklin in northern Alberta. The project is anticipated to have gross production capacity of 130,000 barrels per day (bbls/d) and be developed in three phases. Ground work for the initial phase of 45,000 bbls/d is expected to begin this fall.

Its partner is ConocoPhillips ( COP ), which also has 50% interests in Cenovus's other two Alberta oil sands projects, Foster Creek and Christina Lake.

CVE is now off by 14 cents at $31.96 with volumes of over 720,000.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: COP



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