TMXmoneyTMXmoney - invest with insight

Cenovus gets OK from Alberta regulators for Telephone Lake oilsands project

The Canadian Press

CALGARY - Cenovus Energy Inc. (TSX:CVE) says it has received approval from Alberta regulators to proceed with its 100 per cent owned Telephone Lake thermal oilsands project northeast of Fort McMurray. Initial production capacity at the steam-assisted gravity drainage project is for of 90,000 barrels per day to be developed in two, 45,000 barrel per day phases. Telephone Lake is expected to eventually have total production capacity in excess of 300,000 bbd, with a project life of more than 40 years.